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 on Wednesday, reversing earlier losses, as investors believe Russia-Ukraine peace talks are unlikely to lead to the removal of sanctions on Russian crude, though gains were limited by concerns about an overall supply surplus. Brent crude gained 26 cents, or 0.4%, to $62.71 at 0816 GMT, while U.S. West Texas Intermediate rose 29 cents, or 0.53%, to $58.95. Both contracts fell more than 1% in the previous session. "Oil markets and prediction markets do not appear to price a large probability of a near-term peace agreement and removal of the sanctions on Russia oil," Goldman...
The US Dollar Index (DXY) fell slightly by 0.1% to around 99.20 during the Asian session on Wednesday (December 3). This weakening occurred due to increasing speculation that Kevin Hassett, White House Economic Advisor, could replace Jerome Powell as Chairman of the Federal Reserve after his term ends in May. Statements by US President Donald Trump, who publicly mentioned Hassett as a potential candidate, further strengthened market expectations. Analysts believe that if Hassett leads the Fed, the central bank's independence could be threatened, as he is known to strongly support Trump's...
The Australian Dollar (AUD) rose and reached a three-week high against the US Dollar (USD) during Wednesday's Asian session. This rise occurred despite less-than-satisfactory Australian economic data.The Australian Bureau of Statistics reported that third-quarter economic growth fell to 0.4% from 0.6% previously, a figure lower than market expectations. Typically, such poor data would put pressure on the AUD, but this time it had little impact.One factor was the hawkish stance of the Reserve Bank of Australia (RBA). RBA Governor Michele Bullock stated that inflation remains higher than...
Profit-Taking Pressures Gold, Will It Fall Further? | Profit-Taking Tekan Emas, Bakal Lanjut Turun? The global gold price (XAU/USD) fell to around $4,210 in early Asian trading on Wednesday morning. This decline followed a strong previous rally, when many market participants opted to take profits first. Investors also chose to wait for the release of important US economic data in the next few days before opening new positions. Today, the market is awaiting the release of the ADP Employment Change (private employment data) and the ISM Services PMI (service sector activity). Both of these...
Silver remains stable near its record high after rising about 17% over the past seven sessions. This rally is due to traders expecting lower US interest rates, which typically benefit precious metals. Meanwhile, gold prices remained flat after a two-day decline, reflecting the market's anticipation of new monetary policy direction from the Federal Reserve. Investors are focusing on the possibility of a rate cut by the new Federal Reserve Chair and US economic data due this month. Lower interest rates make gold and silver more attractive because precious metals do not pay interest. The...
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...