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 rose in Asian trading on Tuesday, recovering from a sharp 2% drop, as markets remained cautious amid global economic uncertainty driven by U.S. trade tariffs and President Trump's efforts to overhaul the Federal Reserve. As of 21:55 ET (01:55 GMT), Brent Oil Futures expiring in June rose 0.8% to $66.80 per barrel, while West Texas Intermediate (WTI) crude futures jumped 1% to $63.02 per barrel. Both contracts had settled more than 2% lower on Monday after Iran and the U.S. agreed to commence expert-level discussions to design a framework for a potential nuclear deal. Trump's...
The USD/JPY pair slumped on Monday (4/21) during North American trading, falling sharply to the 140.50 mark as the broader market reacted to growing concerns about the Federal Reserve's independence. The greenback extended its downtrend after US President Donald Trump reiterated his displeasure with Fed Chairman Jerome Powell, accusing him of making politically motivated interest rate adjustments by the end of 2024. The situation has fueled intense speculation over Powell's future and raised doubts about the Fed's autonomy. Meanwhile, the US Dollar Index (DXY) is trading in the red, testing...
The Australian dollar (AUD) regained ground on Monday (21/4), lifting to the 0.6400 area during the American session, as improving risk sentiment and a generally weaker US dollar (USD) helped AUD/USD recover from recent losses. The earlier gains were driven by optimism around China's GDP, which grew 5.4% year-on-year in Q1, beating estimates. However, the recovery remains fragile amid ongoing US-China trade tensions and the Aussie's role as a proxy for Chinese demand. ING strategists continue to stress that the Aussie remains exposed as a barometer of the US-China trade dispute, noting that...
Oil prices plunged more than 2% on Monday on signs of progress in talks between the U.S. and Iran, while investors remained concerned about the economic hit from tariffs that could curb fuel demand. Brent crude futures fell $1.70, or 2.5%, to $66.26 a barrel, after closing up 3.2% on Thursday. Thursday was the last settlement day of the week due to the Good Friday holiday. U.S. West Texas Intermediate crude futures fell $1.60, or 2.5%, to $63.08 a barrel, after closing up 3.54% in the previous session. "The U.S.-Iran talks seem relatively positive, which allows people to start thinking...
Gold surged above $3,400 to a record high on Monday, as a weaker dollar and uncertainty over the economic impact of U.S.-China trade tensions spurred demand for safe-haven bullion. Spot gold rose 2.7% to $3,417.62 an ounce by 1:46 p.m. ET (1746 GMT). It hit a record high of $3,430.18 earlier in the session. U.S. gold futures settled 2.9% higher at $3,425.30. The dollar fell to its lowest level in three years as investor confidence in the U.S. economy took another hit over President Donald Trump's comments about Federal Reserve Chairman Jerome Powell. A weaker dollar makes bullion more...
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...