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...
Gold (XAU/USD) traded with a negative bias for the third consecutive day, falling to a one-week low of around $4,170 early in the European session on Tuesday. This decline lacked a clear fundamental catalyst and could be attributed to some repositioning ahead of the highly anticipated FOMC policy meeting, which begins today. Investors will continue to closely monitor the latest economic projections, including the so-called dot plot, and Federal Reserve Chairman Jerome Powell's post-meeting press conference for clues on the path of future interest rate cuts. This, in turn, will play a key...
The US dollar weakened in today's trading, after strengthening in previous sessions, supported by rising US bond yields. The weakening greenback has caused investors to reduce their safe-haven dollar positions and gradually shift to other assets offering more attractive yields. Market sentiment is also influenced by speculation that the Fed could take greater policy easing steps if future economic data shows a clearer slowdown. The decline in the dollar index provides breathing space for other currencies, particularly in Asia, which have strengthened or at least stabilized compared to the...
Oil steadied after the biggest drop in almost three weeks, as traders look to reports this week to assess the extent of the glut. Brent crude traded above $62 a barrel after tumbling 2% on Monday, while West Texas Intermediate was near $59. The Energy Information Administration is set to release its Short-Term Energy Outlook on Tuesday, with reports due from the International Energy Agency and OPEC later this week. The IEA has predicted a record surplus next year, and traders will be on the lookout for any changes to market outlooks. Crude has traded in a tight $4-a-barrel...
Oil prices are stabilizing after previously recording their biggest daily decline in nearly three weeks, as market participants await the latest data on a potential supply glut. West Texas Intermediate (WTI) held near $59 per barrel after falling about 2% on Monday, while Brent remained above $62 per barrel. The market is currently in a "wait-and-see" mode ahead of a series of important reports this week. In the coming days, the spotlight will be on reports from three major agencies. The US Energy Information Administration (EIA) will release its short-term energy outlook on Tuesday...
Gold held steady as market participants began to focus on the Fed's policy direction for next year, rather than just the near-certain interest rate cut. Bullion traded around $4,193 per ounce, after closing slightly lower in the previous session. Meanwhile, US Treasury yields rose on Monday, ahead of a series of auctions and the Federal Reserve's interest rate decision on Wednesday, which could shape market expectations through 2026. In the money market, swap traders still expect a quarter-point interest rate cut by the Fed. However, they now tend to see only two additional cuts by the end...
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...