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...
Gold price (XAU/USD) is printing a stellar return on Thursday, moving around $3,120 at the time of writing. Since Tuesday morning, the precious metal has rallied nearly 5.00%. The main driver for the rally came from United States (US) President Donald Trump, who announced a 90-day pause to higher tariffs on 56 countries and the European Union, which will now be taxed at the 10% baseline rate. Trump also hiked levies on China to 125%, effective immediately, after the Asian country announced plans to retaliate with an 84% tariff on all US imports to take effect on Thursday. Those moves are...
The US dollar index dropped over 1% to 101.5 on Thursday, hitting a six-month low as softer inflation data and easing trade tensions weighed on the currency. Core CPI rose just 2.8% year-on-year — the slowest pace since March 2021 — easing fears that the ongoing tariff battle will severely harm the US economy. This came alongside President Trump's decision to suspend higher tariffs on most US trade partners for 90 days, though China still faces a steep 125% rate. The US continues to apply a 10% baseline tariff broadly, with exemptions for key sectors like semiconductors, pharma, and...
Brent crude oil futures dropped over 2% to below $64 per barrel on Thursday, after a 4.2% gain in the previous session, as escalated trade tensions between the US and China reignited demand concerns. President Trump increased tariffs on China to 125%, just a day after a 104% hike took effect. While he paused new tariffs on other countries for 90 days, the sharp escalation with China, the world's top oil importer, sparked worries about weaker fuel demand. China raised its tariffs on US goods to 84% and is expected to unveil stimulus measures to support sectors like housing and consumption....
Gold futures rise, benefiting from market uncertainty. Futures are up 1.6% at $3,127.20 a troy ounce, nearing its all-time record of $3,201.60 an ounce, set in early April. The precious metal was sharply sold off as investors liquidated positions to cover losses elsewhere after President Trump's "Liberation Day" tariff announcements, but has since mounted a strong rally on the ensuing uncertainty. Trump hiked Chinese tariffs to 125% on Wednesday and announced a 90-day suspension of the so-called reciprocal tariffs for other countries, adding to the confusion and further boosting safe-haven...
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades in negative territory for the third consecutive day near 102.70, down 0.28% on the day. Investors will keep an eye on the US March Consumer Price Index (CPI) inflation and weekly Initial Jobless Claims reports, which are due later on Thursday. The Greenback edges lower after US President Donald Trump ramped up his trade war against China while temporarily pausing tariffs on many other countries for 90 days. "It seems likely that the U.S. President blinked...
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...