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 edged higher on Monday, after falling more than 4% last week, as investors looked ahead to talks between the U.S. and Russia later this week on the war in Ukraine. Brent crude futures were up 36 cents, or 0.54%, to $66.95 a barrel at 1202 GMT, while U.S. West Texas Intermediate crude futures were up 34 cents, or 0.53%, to $64.22. U.S. President Donald Trump said on Friday that he would meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine. The talks follow increased U.S. pressure on Russia, raising the prospect that penalties on...
Gold prices fell more than 1% on Monday as investors waited for news from the White House on potential tariffs on bullion and U.S. inflation data that will provide a steer on the Federal Reserve's interest rate path. Spot gold was down 1.4% at $3,350.94 an ounce by 1135 GMT after touching $3,408.06 on Friday, its highest since July 23. U.S. gold futures for December delivery fell 2.5% to $3,404.90, having hit a record high of $3,534.10 on Friday after reports that Washington had imposed tariffs on imports of 1 kg (2.2 lb) bullion bars. The White House said on Friday that it would issue an...
The US dollar rose against its major trading partners early Monday as markets look ahead to inflation and retail sales data for July this week. There are no US data scheduled for release Monday, but surprise appearances by Federal Reserve officials on television networks are possible. Consumer price index data for July will be the main release Tuesday, along with the National Federation of Independent Business' small business sentiment reading for July, weekly Redbook same-store sales and the Treasury's budget report for July. Weekly mortgage application and crude oil stock inventories...
Oil prices were steady on Monday, after falling more than 4% last week, as investors looked ahead to talks between the U.S. and Russia later this week on the war in Ukraine. Brent crude futures were up 5 cents to $66.64 a barrel at 1003 GMT, while U.S. West Texas Intermediate crude futures were down 1 cent to $63.87. U.S. President Donald Trump said on Friday that he would meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine. The talks follow increased U.S. pressure on Russia, raising the prospect that penalties on Moscow could be...
The Pound Sterling (GBP) extends its winning streak for the fifth trading day against the US Dollar (USD) at the start of the week. The GBP/USD pair jumps to near 1.3480 due to the continued underperformance from the US Dollar, which is dragged by increasing expectations of interest-rate cuts by the Federal Reserve (Fed). At the time of writing, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades 0.17% lower to near 98.00. The US Dollar underperforms as traders have become increasingly confident that the Fed will reduce interest rates in the...
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...