Stephen Miran, a Federal Reserve governor whose term ends at the end of January, said Thursday that he is looking for 150 basis points of interest-rate cuts this year to boost the U.S. labor market. Miran told Bloomberg Television's Surveillance program that Fed officials had room to further reduce rates given his view that underlying inflation was likely running at 2.3%. "I'm looking for about a point and a half of cuts. A lot of that is driven by my view of inflation," Miran said. "Underlying inflation is running within noise of our target, and that's a good indication of where overall...
Oil prices closed down nearly $1 on Friday as traders awaited talks between U.S. President Donald Trump and Russian leader Vladimir Putin, which could lead to an easing of the sanctions imposed on Moscow over the war in Ukraine. Brent crude futures settled 99 cents, or 1.5%, lower at $65.85 a barrel, while U.S. West Texas Intermediate crude futures eased $1.16, or 1.8%, lower at $62.80. Trump arrived in Alaska on Friday for his summit with Putin after saying he wants to see a ceasefire in the war in Ukraine "today." Trump has said he believes Russia is prepared to end the war, but he has...
The dollar slipped on Friday as a data-heavy week wound down, keeping the case for a September Federal Reserve interest rate cut intact, while traders awaited talks in Alaska between U.S. President Donald Trump and Russian leader Vladimir Putin regarding Ukraine. The dollar, which had jumped on Thursday as data showed U.S. producer prices increased more than expected in July, gave up most of those gains on Friday, and was set to finish the week 0.4% lower against a basket of currencies. "The PPI figure yesterday was a shock, but there is still little concrete evidence for a tariff-driven...
EUR/USD reverses its course, climbs on Friday, ignoring solid US Retail Sales data due to market participants still pricing in a Federal Reserve (Fed) rate cut in September. The pair trades at 1.1702, up 0.47%. The market's attention turned to Anchorage, Alaska, for the summit of US President Donald Trump and Russian President Vladimir Putin, with analysts' expectations remaining low for achieving a ceasefire in Ukraine. Meanwhile, Trump said that he doesn't know what would make the reunion a success and that he would like to reach a truce before Washington and Moscow can talk about other...
Oil prices fell early on Friday ahead of a summit meeting between the United States and Russia, while China released weak economic data. West Texas Intermediate crude oil for September delivery was last seen down US$0.48 to US$63.48 per barrel, while October Brent oil was down US$0.39 to US$66.45. The drop comes as U.S. President Donald Trump and Russian President Vladimir Putin ready to meet on Friday in Anchorage, Alaska, to discuss a potential ceasefire in Russia's war on Ukraine. A deal could see the United States easing sanctions on Russia's oil exports, adding more barrels to an...
Oil prices fell on Friday as traders awaited talks between U.S. President Donald Trump and Russian leader Vladimir Putin, which some expect could lead to an easing of the sanctions imposed on Moscow over the Ukraine war. Brent crude futures fell 50 cents, or 0.8%, to $66.34 a barrel by 0923 GMT. U.S. West Texas Intermediate crude futures declined 57 cents, or 0.9%, to $63.39. At Friday's meeting between Trump and Putin in Alaska, a ceasefire in the Ukraine is at the top of the agenda. Trump has said he believes Russia is prepared to end the war in Ukraine. However, he is also threatening...
Bank of Japan (BOJ) Governor Kazuo Ueda stated that achieving 2% inflation is getting closer, although real inflation remains low. Ueda emphasized that the BOJ will continue to raise interest rates...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...