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...
Silver prices slid over 1% to dip below $33.50 per ounce on Thursday, reaching a one-week low as traders grappled with market uncertainties following US President Donald Trump's sweeping tariff measures. Trump imposed a 10% baseline tariff on all imports, with steeper levies targeting major trading partners such as China (34%), the EU (20%), and Japan (24%). Additionally, a 25% tariff on foreign-made automobiles took immediate effect. Defending the move, Trump framed the tariffs as a strategy to bolster domestic manufacturing and reduce trade deficits. While gold surged to a record high in...
Oil prices fell sharply in Asian trade on Thursday as fears of a demand slowdown and a global recession ramped up in the face of sweeping trade tariffs from U.S. President Donald Trump. Oil was already nursing some losses this week, as a rebound from over three-year lows ran out of momentum, while tensions in the Middle East and between Russia and Ukraine attracted only a small risk premium. Brent oil futures expiring in June fell 2.5% to $73.11 a barrel, while West Texas Intermediate crude futures fell 2.7% to $69.30 a barrel by 22:05 ET (02:05 GMT). Both contracts had fallen as much as...
The dollar traded mixed against its Group-of-10 peers while the yen surged in early Asian trading after President Donald Trump's sweeping trade tariffs sparked a flight to haven assets on fears it will impact the global economy. USD/JPY fell 0.8% to 148.02. Treasury futures advanced while US equity futures contracts slumped. Trump said he will apply a minimum 10% tariff on all exporters to the US and slap additional duties on around 60 nations with the largest trade imbalances with the US. That includes substantially higher rates on some...
Oil fell after US President Donald Trump rolled out stiff tariffs on major trading partners, including China and the European Union, ratcheting up a trade war that threatens global demand. West Texas Intermediate declined as much as 3.3% to $69.38 a barrel, tracking a slump in wider markets. The latest salvo of levies represents Trump's biggest assault yet on a global economic system he has long bemoaned as unfair, and comes after earlier rounds of tariffs against countries including Canada, Mexico and China. Trump said he will apply a minimum 10% tariff on all...
Gold hit a new record of nearly $3,160 an ounce after President Donald Trump unveiled his sweeping "reciprocal" tariffs, imposing a minimum levy of 10% on imports and stoking fears it may trigger a global economic slowdown. Bullion was one of the few commodities exempted from the tariffs, according to a White House factsheet. The metal's haven status was underlined when it rose as much as 0.8% at Thursday's open in Asia, shortly after the president's Rose Garden address. It closed 0.7% higher on Wednesday. Trump said he will apply a minimum 10% tariff on all exports to the US, with...
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...