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 Japanese yen exchange rate fell to around 155.7 per US dollar on Tuesday (December 2nd) after strengthening for three sessions. This weakening occurred because many traders chose to take profits from the previous rally. Previously, the yen had strengthened due to growing speculation that the Bank of Japan (BOJ) could raise interest rates in the near future, signaling a possible change in its monetary policy direction. Finance Minister Satsuki Katayama said that the government and the BOJ share a similar economic outlook. He also emphasized the importance of close coordination between...
Silver retreated from a record high, with a key technical indicator showing that a six-day rally has taken it into overbought territory. Gold also edged down. The white metal fell as much as 2.4% to around two dollars below the all-time peak reached in the previous session. Traders have been betting on continued supply tightness and expectations for another interest-rate cut in the US, a tailwind for non-yielding precious metals. The 14-day relative strength index, however, showed that this recent speculative fervor may have gone too far, too fast. A reading of above 70 shows that the...
Oil prices were steady in Asian trading on Tuesday, holding on to gains from the previous session as OPEC+ reaffirmed it will pause production increases in the first quarter, while traders continued to assess supply risks stemming from geopolitical tensions. As of 21:18 ET (02:18 GMT), Brent Oil Futures expiring in February edged up 0.1% to $63.23 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.2% to $59.42 per barrel. Both contracts jumped over 1% on Monday after OPEC+ ministers on Sunday confirmed the group would hold output steady through the first quarter of 2026...
Gold prices weakened slightly in early Asian trading. Spot gold fell around 0.2% to around $4,223.40 per troy ounce. This movement follows a previous rally, and the market is now more cautious while awaiting signals on the direction of interest rate policy from the US central bank, the Federal Reserve (The Fed). In a note, Sucden Financial assessed that gold and silver movements will remain highly sensitive to indications of whether the Fed will cut interest rates. If interest rate cuts do indeed proceed, this is usually a supportive factor for precious metals because yields on...
Silver prices are currently stable and remain about a dollar away from their record high. The white metal is trading around $57.90 per ounce, after surging more than 8% in just the last two sessions. This surge occurred amid trader speculation that silver supplies would tighten, thus driving demand and keeping prices high. In October, a large influx of silver flowed into London to relieve market pressure, but this actually put pressure on other trading centers. Silver inventories linked to warehouses at the Shanghai Futures Exchange even fell to their lowest level in a decade. This...
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...