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 were heading for their second straight weekly fall on Friday against a backdrop of investor concern over recession sparked by the burgeoning trade war between the United States and China. Brent crude futures were down 25 cents on the day, or 0.39%, at $63.08 a barrel by 1312 GMT while U.S. West Texas Intermediate crude fell 30 cents, or 0.50%, to $59.77. Brent and WTI are poised to register weekly declines of 3.8% and 3.5%, respectively, having both lost about 11% last week. Brent dipped below $60 a barrel at one point this week for its lowest since February 2021. "China's...
Gold traded at a fresh record high early on Friday as the dollar continued to plunge amid an escalating tariff between the United States and China, while another U.S. inflation measure weakened last month. Gold for June delivery was last seen up US$69.30 to US$3,246.80 per ounce, rising off Thursday's record close of US$3,177.50. The rise comes as investors seek a safe haven with China and the United States continuing a tariff battle. China on Friday hiked its tariff on U.S. imports to 125%, a day after U.S. President Donald Trump raised levies on Chinese goods to 145%. The heightened...
The U.S. dollar slumped further Friday, falling to an almost two-year low, on weakening confidence in the American economy as the trade war between the two largest economies in the world escalated, with China once more raising the tariffs on U.S. goods. At 04:20 ET (08:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, dropped 1.2% to 99.430, falling below the 100 level for the first time since July 2023. Dollar slumps to near two-year low U.S. President Donald Trump's pausing of widespread tariffs for 90 days helped the dollar, and global...
Oil prices rise in early trade on a softer U.S. dollar, but are still on course for a weekly loss as traders worry President Trump's trade war with China will weigh on global economic growth. Brent crude is up 1.4% at $64.18 a barrel, while WTI rises 1.4% to $60.93 a barrel. The dollar index--which measures the greenback against a half-dozen currencies--fell below 100, making commodities cheaper for holders of other currencies. Still, the crude benchmarks are poised to drop for a second straight week after Trump said tariffs on China add up to 145%, further raising concerns over a...
Silver rose above $31.20 per ounce on Friday, marking a third consecutive session of gains, as broad-based weakness in the U.S. dollar and renewed economic concerns fueled demand for alternative assets. The metal also benefited from rising haven flows, with the dollar losing some of its traditional safe-haven appeal. Despite a 90-day tariff reprieve, investors remain uneasy about President Trump's trade policies and their potential to tip the U.S. economy into recession. The White House recently confirmed cumulative tariffs on Chinese goods have reached 145%, raising the threat of further...
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...