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 fell as weak U.S. economic data and concerns about rising supplies eroded risk sentiment from a court ruling blocking most Trump administration tariffs. West Texas Intermediate fell as much as 2.1% to trade near $61 a barrel after Interfax quoted Kazakhstan as saying OPEC+ would raise output at its meeting on Saturday, with the size of the increase still to be decided. The broader market eased from earlier highs on data showing the U.S. economy shrank at the start of the year, further pressuring commodities. Crude had earlier rallied after a trade court blocked a range of President...
Gold rose as the dollar gave up short-lived gains from a court ruling that struck down President Donald Trump's global tariff agenda. Bullion rose as much as 1.3%, erasing losses suffered during a brief rally in the U.S. currency as a weaker dollar made the precious metal more attractive to buyers in other countries. The dollar gauge fell 0.4%. The dollar initially gained after the U.S. Court of International Trade ruled that many of Trump's tariffs were illegal. But strategists warn that there are many alternative routes the president can take to ensure his signature economic policies are...
Oil prices rose on Thursday after a U.S. court blocked most of President Donald Trump's tariffs, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures were up 19 cents, or 0.3%, to $65.09 a barrel at 1215 GMT. U.S. West Texas Intermediate crude was up 24 cents, or 0.4%, to $62.08 a barrel. A U.S. trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The court was not asked to address some...
Gold prices rebounded on Thursday on dip-buying after touching a more than one-week low earlier in the session after a U.S. trade court blocked most of President Donald Trump's tariffs, while the spotlight shifted to key U.S. inflation data later this week. Spot gold was up 0.2% at $3,296.63 an ounce, as of 1114 GMT, after hitting its lowest since May 20. U.S. gold futures were steady at $3,294.60. The Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on U.S. trade partners. The White House swiftly appealed the...
The U.S. dollar rose Thursday, bouncing after a court blocked President Donald Trump's import tariffs on other countries, as traders expected fewer trade-related headwinds for the U.S. economy. At 06:50 ET (10:50 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, gained 0.1% to 99.850, after earlier climbing above 100 for the first time in a week. Dollar helped by court ruling The dollar extended its recent recovery into a third consecutive session after the U.S. Court of International Trade ruled that Trump overstepped his authority with his...
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...