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 were little changed on Tuesday as easing trade war concerns offset expectations OPEC+ will decide to increase output at a meeting later this week. Brent crude futures were down 28 cents, or 0.4%, at $64.46 a barrel by 1154 GMT, while U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.5%, to $61.20 a barrel. Easing trade war concerns are lifting prices, but the upside remains limited until it is clear what the OPEC+ will decide on Saturday, said UBS analyst Giovanni Staunovo. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will...
Gold prices declined more than 1% on Tuesday as the dollar's reversal to trade higher added to the pressure on the safe-haven asset following U.S. President Donald Trump's less aggressive trade stance towards the European Union. Spot gold was down 1.6% at $3,289.93 an ounce as of 1155 GMT. U.S. gold futures fell 2.3% to $3,287.80. Prices had softened on Monday as well after Trump, on Sunday, retreated from his threat to impose new tariffs on the European Union next month, instead reinstating a July 9 deadline for trade negotiations. "Gold trades lower for a second day with technical...
The U.S. dollar edged lower at the start of the week, weighed down by lingering deficit concerns and renewed trade tensions, despite U.S. President Donald Trump backing away from a proposed 50% tariff on European Union (EU) goods. According to ING, markets had already moved past April's tariff-related risks, instead focusing on the potential for trade deals in the months ahead. However, the latest standoff with the EU has brought those fears back into view. "If there's a lesson from April, it's that the dollar bears the brunt of tariff drama," the bank said. ING analysts noted that...
Gold (XAU/USD) price extends correction, sliding below the $3,300 mark at the time of writing on Tuesday amid improving risk-on mood and a stronger US Dollar (USD). Gold extends its decline for a second day this week as the US dollar caught up with some gains and demand for haven assets cooled, with investors also weighing prospects for improving trade relations between the US and the EU after US President Donald Trump said on Sunday that he agreed to an extension on the 50% tariff deadline on the European Union (EU) until July 9. The stronger USD gained momentum at the end of Asian...
Oil prices were little changed on Tuesday on increasing expectations members of the Organisation of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their output at a meeting later this week. Brent crude futures were up 11 cents, or 0.2%, at $64.85 a barrel by 0640 GMT, while U.S. West Texas Intermediate (WTI) crude rose 6 cents, or 0.1%, to $61.59 a barrel. The WTI contract did not settle on Monday because of the U.S. Memorial Day holiday. "Crude oil edged lower as the market contemplated the outlook for rising OPEC supply," Daniel Hynes, senior...
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...