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...
A dollar index remained steady as traders weigh US-China trade talks ahead of key economic data releases expected later this week. The Bloomberg Dollar Spot Index little changed on Tuesday after rising 0.8% a day earlier US Commerce Secretary Howard Lutnick said a 90-day extension of a trade truce with China was a likely outcome with negotiations between the two countries underway in Stockholm US economic data to be released on Tuesday include wholesale inventories, JOLTS job openings, Conference Board consumer confidence "On US-China, a better-than-expected result,...
Oil edges higher in early Asian trade, aided by renewed supply concerns. President Trump said that he would give Russian President Putin 10 or 12 days to reach a cease-fire with Ukraine or face more economic pressure from the U.S.. Previously, Trump had threatened Moscow with 100% secondary tariffs to create pressure toward a peace deal, ANZ Research analysts say in a research report. Trump's remarks have reignited fears that Russia's oil flows would be impacted, the analysts add. Front-month WTI crude oil futures are 0.2% higher at $66.85/bbl; front-month Brent crude oil futures are 0.2%...
Gold consolidates in the early Asian session, but may be weighed by trade-deal hopes. The Trump administration engaged in negotiations with China in Sweden on Monday, with additional discussions expected on Tuesday. The recent wave of trade optimism has resulted in a temporary outflow of capital from safe-haven assets such as gold into riskier assets such as equities, XS.com's Linh Tran says in an email. Hence, gold, which traditionally acts as a hedge against uncertainty, has lost some of its upward momentum in the short term, the market analyst adds. Spot gold is little changed at...
The EUR/USD dropped more than 1% on Monday as investors bought the Dollar on news that the United States (US) and the European Union (EU) had reached a trade agreement, similar to the one inked by Japan. The pair trades at 1.1590 after reaching a high of 1.1771. Wall Street ended Monday's session with gains as investors seemed confident that the US would reach additional deals throughout the week. Nevertheless, the August 1 deadline approaches, and Washington remains unable to reach agreements so far with two of its three largest partners: Canada and Mexico. Aside from this, the US...
Oil prices rose 2% on Monday after a trade deal between the U.S. and the European Union, and U.S. President Donald Trump's announcement that he would shorten the deadline for Russia to end its war in Ukraine or face sanctions. Brent crude futures were up $1.42, or 2.1%, at $69.86 a barrel by 12:58 p.m. EDT (1658 GMT), while U.S. West Texas Intermediate crude rose $1.40, or 2.2%, to $66.56. Brent touched its highest price in 10 days after Trump said he was reducing the 50-day deadline he gave Russia over its war in Ukraine to 10-12 days. The deal between the U.S. and EU and a possible...
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...