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 traded higher, supported by a weaker U.S. dollar and ongoing economic and geopolitical uncertainty. Futures rose 0.9% to $3,315.90 a troy ounce and are up nearly 4% for the week. The dollar index fell 0.6% to 99.55, boosting bullion's appeal to holders of other currencies. Traders focused on the U.S. economic outlook and the Federal Reserve's next policy move, while in Washington, Republicans remained divided over President Trump's tax cut bill. Meanwhile, geopolitical tensions continued to fuel market uncertainty amid stalled talks to end the war in Ukraine, nuclear...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, faced losses of around 1.3% in just three trading days on Wednesday (5/21), trading near 99.58. Throughout the week, the USD has paid the price for the erratic policy changes of the Trump administration, which has faced difficulties on several fronts. US President Trump no longer seems to have a firm grip on Israeli Prime Minister Benjamin Netanyahu. During his tour of the Middle East, Trump declared it was time for a new nuclear deal with Iran and a second chance. However, in the...
Oil prices plunged on Wednesday after the U.S. government released disappointing data on crude and fuel inventories ahead of the start of the summer driving season in the United States, a time of higher demand. Prices had earlier risen about 1% after a report that Israel may be preparing to strike Iran's nuclear facilities raised concerns about supply disruptions in the Middle East. Brent crude futures were down 8 cents at $65.30 a barrel by 10:52 a.m. EDT (1452 GMT). U.S. West Texas Intermediate crude was down 3 cents at $62.00. U.S. crude, gasoline and distillate inventories all posted...
Oil prices jumped Wednesday after a media report indicated that Israel is preparing for a potential military strike on Iranian nuclear facilities, spurring supply disruption concerns. At 07:35 ET (11:35 GMT), Brent Oil Futures jumped 0.7% to $65.82 per barrel, while West Texas Intermediate (WTI) crude futures also climbed 0.8% to $62.52 per barrel. Potential Israeli strike on Iran - CNN Israel is preparing for a potential military strike on Iranian nuclear facilities, as the U.S. continues to pursue a diplomatic agreement with Tehran, CNN reported on Tuesday, citing multiple U.S....
Silver prices rose past $33.1 per ounce on Wednesday, testing the highest level in three weeks amid a pullback for the dollar and evidence of ample industrial buying. The greenback came under pressure despite the fresh increase for long-dated Treasury yields, reflecting lingering doubts on the exceptionalism of US assets and aligning with the recent influx into precious metals for safety. Demand for safety was also underpinned by reports that Israel is considering striking Iran, extending geopolitical tensions in the region. In the meantime, higher investments in solar panels, the main...
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...