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...
The Gold price (XAU/USD) edges lower to around $3,230 during the early Asian session on Tuesday, pressured by a modest US Dollar (USD) rebound. However, the concerns over the US economic health after Moody's downgrades the US national credit rating might cap its downside. The Greenback recovers on Tuesday, capping the upside for the USD-denominated commodity price. Nonetheless, the economic uncertainties could boost the safe-haven flows. Moody's cut the US rating to "Aa1" from "Aaa" on Friday, citing rising debt and interest "that are significantly higher than similarly rated sovereigns"....
The U.S. dollar fell broadly on Monday, hitting its lowest point in more than a week against the yen, Swiss franc and euro, pressured by a surprise downgrade of the U.S. government's credit rating late Friday, even as trade tensions also escalated. U.S. Treasury Secretary Scott Bessent said in a television interview Sunday that President Donald Trump would impose tariffs at the level he threatened last month on trading partners that do not negotiate in "good faith." However, Moody's cutting the United States' top sovereign credit rating by one notch on Friday began to weigh on the dollar....
Oil prices were steady on Monday as signs of a breakdown in U.S. talks with Iran over its nuclear program offset pressure from a Moody's downgrade of the U.S. sovereign credit rating. Brent crude futures were down 20 cents at $65.21 a barrel by 1:36 p.m. ET (1736 GMT), while U.S. West Texas Intermediate crude was up 3 cents, or 0.1%, at $62.52 a barrel. Both contracts rose more than 1% last week. Nuclear talks between Iran and the U.S. will yield nothing if Washington insists Tehran halt its uranium enrichment activities, Iranian state media quoted Deputy Foreign Minister Majid...
Gold rose as the dollar slumped after Moody's Ratings removed the U.S.'s last top credit rating because of ballooning debt and deficits. Moody's blamed successive administrations and Congress for ballooning budget deficits that it said showed no sign of abating. And there are concerns the situation could get worse, with Republican lawmakers debating President Donald Trump's tax and spending package that critics say will add trillions more to the federal debt over the next decade. The precious metal has been on a roller coaster in recent months. It suffered its biggest weekly loss since...
Silver (XAG/USD) traded marginally higher on Monday (5/19), holding above the $32.00 level during the US session, as broader US Dollar (USD) weakness fueled demand for alternative safe-haven assets. The move came in response to Moody's downgrade of the US sovereign credit rating, which has added to market concerns over fiscal sustainability and long-term growth prospects. At the time of writing, Silver prices were up 0.05% on the day, with spot XAG/USD last seen trading around $32.30. The metal is attempting to reclaim the 50-day Simple Moving Average near $32.75, which has capped gains in...
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...