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 nudged higher on Monday, adding to gains of more than 2% from Friday, as investors eyed further U.S. sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains. Brent crude futures rose 15 cents to $70.51 a barrel by 0400 GMT, extending a 2.51% gain on Friday. U.S. West Texas Intermediate crude futures climbed to $68.59, up 14 cents, after settling 2.82% higher in the previous session. U.S. President Donald Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. He is due to make a...
The US dollar index held firm around 97.8 on Monday, maintaining its recent gains as investors assessed the latest developments in global trade. President Trump announced a 30% tariff on imports from the EU and Mexico, set to take effect on August 1, further escalating trade tensions. In response, EU and Mexican officials signaled their willingness to continue negotiations with Washington this month in hopes of securing a lower rate. Meanwhile, the EU is reportedly intensifying talks with other countries hit by US tariffs, including Canada and Japan, as it considers possible coordinated...
Gold prices rose to around $3,360 per ounce on Monday, marking a fourth consecutive session of gains, as President Donald Trump's announcement of new tariffs drove investors toward the safety of bullion. In letters to the EU and Mexico, Trump set a 30% tariff for both and referred to their respective trade deficits with the US as a "major threat" to national security. This follows a broader set of tariff hikes unveiled last week, targeting more than 20 countries—including Japan, South Korea, Canada, and Brazil—as well as a 50% duty on copper imports. The new measures are set to take effect...
The Japanese yen appreciated toward 147 per dollar on Monday, recouping some losses from last week as investors responded to renewed global trade concerns. The move followed President Donald Trump's announcement of a 30% tariff on imports from the European Union and Mexico, set to take effect on August 1. In response, EU and Mexican leaders signaled their intent to continue negotiations with the Trump administration this month in hopes of securing a lower tariff rate. The EU is also reportedly expanding talks with other nations impacted by the tariffs, including Canada and Japan,...
The Australian dollar weakened to around $0.656 on Monday, reversing gains from the previous week, as renewed tariff threats from US President Donald Trump stirred fears of potential global trade war. Trump announced a 30% tariff on imports from the European Union and Mexico starting August 1, while also signaling the possibility of further duties on other countries and urging trading partners to return to the negotiating table. In a related move, Trump proposed a steep 200% tariff on Australian pharmaceuticals, sparking concern among Australian industry leaders and government officials, as...
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...