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...
The US dollar index held steady around 99 on Wednesday, trading in a narrow range this week as investors remained cautious ahead of the latest Consumer Price Index report, which could offer insight into the economic impact of recent tariffs. Markets are also closely watching developments in US–China trade talks. US Commerce Secretary Howard Lutnick said both countries have reached a framework to implement the Geneva consensus and follow through on commitments made during a recent presidential call. He also expressed optimism that China will lift its restrictions on rare earth exports,...
Gold edges higher in the early Asian session as traders nervously eye U.S.-China trade talks. "Hopes for a resolution between the world's two largest economies could potentially ease global trade disruptions," Pepperstone's Quasar Elizundia says in an email. "Further progress or a potential deal could be bearish for gold, which had previously benefited from geopolitical tensions," the research strategist adds. The negotiations have been "productive," U.S. Treasury Secretary Bessent said as he headed back to the U.S. for planned testimony to Congress on Wednesday. Spot gold is 0.1% higher...
Oil was little changed, as traders digested an initial agreement between the US and China to improve trade relations following talks in London. West Texas Intermediate held near $65 a barrel, after losing 0.5% on Tuesday, while Brent settled above $66. Washington and Beijing reached a framework deal, according to Commerce Secretary Howard Lutnick, with implementation subject to presidential approvals. The sides agreed to implement a consensus reached in Geneva in earlier talks, a Chinese official said. Crude has dropped this year as the Trump administration's aggressive trade...
Gold price clings to modest gains on Tuesday after bouncing off a daily low near the $3,300 figure as talks between the United States (US) and China appear to be progressing well, improving risk appetite among investors who are driving US equities higher. The XAU/USD trades at $3,328, up 0.10%. The market mood remains positive, fueled by the reunion between US and Chinese officials in London. Meanwhile, price action in the financial markets remains choppy as traders await the release of the latest US Consumer Price Index (CPI) figures for May. Estimates suggest that prices most likely rose,...
Gold prices are trading firm against the US Dollar (USD) on Tuesday, with the precious metal trading near the $3,350 resistance level at the time of writing. Ongoing trade talks between the United States and China continue to influence global risk sentiment, helping to stabilize the US Dollar (USD). As US Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer, and US Commerce Secretary Howard Lutnick continue discussions with China's Vice Premier He Lifeng for the second day in London, markets remain focused on trade-related developments. Ahead of Tuesday's meeting,...
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...