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 slipped 2% on Monday after Iraq restored production at one of its oilfields which accounts for 0.5% of world oil supply, while investors weighed ongoing talks to end the war in Ukraine. Brent crude futures were down $1.26, or 1.98%, at $62.49 a barrel, while U.S. West Texas Intermediate crude was at $58.88, down $1.20, or 2%. Iraq restored production at Lukoil's West Qurna 2 oilfield, one of the world's largest, after a leak on an export pipeline slashed its output, two Iraqi energy officials told Reuters on Monday. Prices had marginally pared losses earlier after sources told...
Oil prices fell on Monday as investors monitored ongoing talks to end the war in Ukraine and ahead of an expected U.S. Federal Reserve interest rate cut this week. Brent crude futures fell by 56 cents, or 0.9%, to $63.18 a barrel by 1348 GMT, while U.S. West Texas Intermediate crude was at $59.51, down 57 cents, or 1%. Prices marginally pared losses after sources on Monday told Reuters that Iraq shut down the entire oil production at Lukoil's West Qurna 2 field of around 460,000 barrels per day due to a leak on an export pipeline. Both contracts closed Friday's trading session at their...
Gold (XAU/USD) kicks off the week on a quiet note, with traders reluctant to take fresh positions ahead of the Federal Reserve's (Fed) interest rate decision on Wednesday. At the time of writing, XAU/USD is trading around $4,190, easing after rising to an intraday high of $4,219. Attention remains squarely on the Fed's monetary policy meeting, with markets gearing up for another interest rate cut at the final policy decision of 2025, which would bring the Federal Funds Rate down to the 3.50%-3.75% range. However, the latest Personal Consumption Expenditures (PCE) data and mixed labour...
Silver held near its all-time high at the start of a week in which the Federal Reserve is widely expected to cut interest rates. Gold edged higher. The white metal stabilized after falling as much as 1.4% in Asian trading on Monday. It is less than a dollar shy of the record high of $59.3336 per ounce reached in the last session. Last week was the best since July for inflows into silver-backed exchange-traded funds (ETFs), with nearly 590 tonnes added, signaling investor confidence that the rally has more to go. For most of last week, silver's 14-day relative strength index (RSI)...
Oil prices held near two-week highs on Monday (December 8th) as investors anticipated a possible US Federal Reserve interest rate cut this week to boost economic growth and energy demand, while monitoring geopolitical risks threatening Russian and Venezuelan supplies. Brent crude futures fell 25 cents, or 0.4%, to $63.50 a barrel at 09:22 GMT, while US West Texas Intermediate crude was at $59.83, also down 25 cents, or 0.4%. Both contracts closed Friday's trading session at their highest levels since November 18th. "The market is in wait-and-see mode" ahead of further news on US interest...
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...