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 prices and gold stocks jumped on Friday as investors returned to the precious metal for the same reasons stocks fell on fears of new tariffs. Several gold miners flashed buy signals. Gold rose 1.4% to $3,340.80 an ounce, according to FactSet. It is up nearly 5% from a low of $3,187.20 on May 16 but is still about 2.5% below a high of $3,422.80 on May 6. Gold has pulled back from record highs this month as the tariff war eased. But investors have started turning to bullion as Treasury yields rose this week. On Friday, President Donald Trump's new tariff threats added to demand for...
Oil prices dropped by nearly 2% on Friday and were set for their first weekly decline in three weeks after U.S. President Donald Trump recommended a 50% tariff on the European Union. Brent crude futures fell $1.03, or 1.6%, to $63.41 a barrel by 1211 GMT. U.S. West Texas Intermediate crude futures were down $1.07, or 1.8%, at $60.13. Prices were already down for a fourth consecutive session, pressured by expectations of higher output from producer group OPEC+ in the coming months. President Trump said on Friday that he is recommending a straight 50% tariff on goods from the EU starting on...
Gold prices rose 1% on Friday and were on track for their best week in six, boosted by a weaker dollar and as worries over the United States' worsening fiscal health sent investors towards safe-haven bullion. Spot gold was up 1% at $3,325.47 an ounce as of 1119 GMT. Bullion has risen 4% this week, its highest since April 7. President Donald Trump's tax bill is supporting gold as there are concerns that this is negative for the fiscal situation of the dollar and some investors are diversifying out of treasury into gold, UBS analyst Giovanni Staunovo said. "We have also seen the 30-year...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, dips further on Friday and erases the previous day's recovery, trading near 99.40 at the time of writing. The fresh leg lower comes after the House of Representatives passed United States (US) President Donald Trump's spending bill, now on its way to the Senate. The nonpartisan Congressional Budget Office revealed that this "big, beautiful bill" comes with a hefty price tag: $3.8 trillion in additional debt to the federal government's $36.2 trillion over the next decade, according...
Oil prices dropped for a fourth consecutive session on Friday and were set for their first weekly decline in three weeks, weighed down by rising expectations of another large OPEC+ output increase for July. Brent futures fell 22 cents, or 0.3%, to $64.22 a barrel by 0919 GMT. U.S. West Texas Intermediate crude futures lost 21 cents, or 0.3%, to $60.99. Both contracts are set to lose about 2% on the week following two weeks of gains. OPEC+ which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, is holding meetings next week expected to yield another...
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...