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 USD/JPY pair rose again to around 155.85 at the start of Wednesday's Asian session, after declining for three consecutive days. The slight strengthening of the US dollar occurred as markets awaited the release of important economic data from the United States. However, the USD's gains still appeared limited due to volatile risk sentiment. The US dollar found some support, but recent reports regarding the next Federal Reserve Chair candidate have made market participants cautious. Kevin Hassett, a White House economic adviser, is said to be the leading candidate. He is known to support...
Oil held a decline as traders weighed the outlook for an end to the war in Ukraine following high-level talks between the US and Russia, while attacks on Moscow's energy assets continued. West Texas Intermediate was below $58 a barrel after falling 1.2% on Tuesday. Brent closed near $62. The Kremlin said Vladimir Putin held "very useful" talks with US envoys Steve Witkoff and Jared Kushner, though the sides failed to reach agreement on a plan to end Russia's war in Ukraine. The talks came against the backdrop of another attack on a Russia-linked tanker, but it remains...
Oil prices fell 1% on Tuesday (December 2nd) as the market weighed fading hopes for a Russia-Ukraine peace deal and concerns about oversupply. Brent crude futures closed 72 cents lower, or 1.14%, at $62.45 a barrel, while U.S. West Texas Intermediate crude fell 68 cents, or 1.15%, to $58.64 a barrel. Both benchmarks rose more than 1% on Monday. Investors shifted their focus to Russia-Ukraine peace talks as Russian President Vladimir Putin met with U.S. President Donald Trump's special envoy, Steve Witkoff, and his son-in-law, Jared Kushner, in the Kremlin on Tuesday. "Oil prices were...
Gold (XAU/USD) fell about 0.80% on Tuesday (December 2nd) as traders appeared to be taking profits ahead of next week's Federal Reserve (Fed) monetary policy meeting, amid a strengthening US dollar. At the time of writing, XAU/USD was trading at $4,193, after hitting a daily high of $4,240. XAU/USD weakened as traders unwound their positions ahead of next week's FOMC decision. The optimistic market mood weighed on gold's safe-haven appeal, while the greenback, according to the US Dollar Index (DXY), held firm at 99.44, up 0.04%. On Monday, the ISM Manufacturing Purchasing Managers' Index...
Gold prices fell more than 1% on Tuesday (December 2) as investors took profits after hitting a six-week high in the previous session, while they awaited key US economic data ahead of next week's Federal Reserve policy meeting. Spot gold fell 1.4% to $4,173.91 an ounce at 11:09 a.m. ET (16:09 GMT). US gold futures for February delivery fell 1.6% to $4,205.10 an ounce. "This is probably just a little profit-taking; the biggest focus of the market lately has been expectations of a rate cut, and those expectations remain fairly stable," said Peter Grant, vice president and senior metals...
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...