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...
Dollar steadied Tuesday, consolidating after its payrolls-inspired losses, with traders weighing up the potential for more Federal Reserve rate cuts along with a slowing economy. At 04:15 ET (08:15 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, gained 0.2% to 98.765, after falling to a one-week low earlier in the session. Dollar steadies after payrolls hit The greenback was hard hit after the disappointing July jobs report at the end of last week prompted traders to swiftly price in rate cuts next month. Traders are now pricing in an over...
Oil was little changed on Tuesday as traders assessed rising OPEC+ supply and worries of weaker global demand, against U.S. President Donald Trump's threats to India over its Russian oil purchases. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned. Brent crude futures were down 36 cents, or 0.5%, to $68.40 a barrel at 0910 GMT, while U.S. West Texas Intermediate crude slipped 41 cents to $65.88....
Gold prices steadied on Tuesday, hovering near a two-week high hit in the last session, as softer U.S. jobs data bolstered hopes of a rate cut in September and weighed on the dollar, and Treasury yields. Spot gold was trading at $3,369.25 per ounce, as of 0629 GMT. Bullion hit its highest since July 24 on Monday. U.S. gold futures was unchanged at $3,423.20. The yield on the benchmark 10-year Treasury note also hit a one-month low. "Short-term momentum has improved for the bullish side of the story... fundamental narrative supporting gold prices is that the Fed is still in the mode to...
Oil prices weakened on Tuesday (August 5th) on concerns about oversupply as OPEC+ continued significant production increases despite a weak demand outlook. This increase was more than enough to offset potential tightening of the Russian oil trade due to US policy. Brent crude futures fell 11 cents, or 0.16%, to $68.65 per barrel at 04:24 GMT. US West Texas Intermediate crude futures fell 12 cents, or 0.18%, to $66.17 per barrel. This was the fourth consecutive decline for both contracts, which had previously fallen more than 1% in the previous session and hit their lowest levels in a week....
Gold prices held steady on Tuesday (August 5), near a more than one-week high reached in the last session, as weaker US employment data reinforced expectations of a Federal Reserve interest rate cut in September, weighing on the dollar and government bond yields. Spot gold was steady at $3,371.40 per ounce at 04:32 GMT. Bullion hit its highest level since July 24 on Monday. US gold futures were unchanged at $3,425.30. The dollar index traded near a one-week low, making gold more affordable for holders of other currencies. The yield on the 10-year US government bond also hit a one-month...
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...