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 edged lower as investors tracked US-led efforts to end the war in Ukraine, while looking ahead to an OPEC+ gathering this weekend. West Texas Intermediate traded near $58 a barrel after rising more than 1% on Wednesday, while Brent settled just above $63. With US presidential envoy Steve Witkoff set to lead a delegation for talks in Russia next week, traders are weighing whether a deal can be struck and the implications for crude flows. OPEC and its allies, meanwhile, are set to meet Nov. 30. Eight of the group's members decided earlier this month to...
Oil prices edged higher on Wednesday (November 26th) ahead of the US Thanksgiving holiday, as US investors assessed the prospect of a supply glut and negotiations on a Russia-Ukraine peace deal. Brent crude futures rose 42 cents, or 0.67%, to $62.9 a barrel at 2:10 PM ET (7:10 PM GMT). US West Texas Intermediate crude futures rose 50 cents, or 0.86%, to $58.45. US crude inventories rose 2.8 million barrels to 426.9 million barrels last week due to a surge in imports, according to the Energy Information Administration (EIA) on Wednesday. Analysts had expected a rise of 55,000...
Gold rose to around $4,160 per ounce on Wednesday (November 26), nearing a two-week high as expectations of US policy easing weakened the dollar and reduced the opportunity cost of holding bullion. Futures and currency markets now place the odds of a 25 basis point (bps) Fed rate cut in December above 80%, and reports that Kevin Hassett is the leading candidate for Fed chair reinforced expectations of further policy easing. The mix of economic data has been uneven but consistent with policy easing, with initial jobless claims surprisingly lower and durable goods orders strengthening despite...
Oil prices stabilized on Wednesday (November 26th) after closing at a one-month low amid White House optimism about a peace deal between Russia and Ukraine, a development that could ease Moscow's oil restrictions in an already oversupplied market. West Texas Intermediate crude oil prices hovered around $58 a barrel, with volumes likely to decline ahead of Thursday's Thanksgiving holiday in the US. Steve Witkoff, US President Donald Trump's envoy, will lead a delegation for talks in Russia next week aimed at ending the nearly four-year war, a Kremlin official said. The Ukrainian leader's...
Silver (XAG/USD) rallied sharply on Wednesday, trading around $52.45 at the time of writing, up 2.00% on the day. The precious metal continued its bullish momentum, supported by the continued decline in US yields and investors shifting to non-interest-bearing assets, amid an increasingly accommodative outlook from the Federal Reserve (Fed). Market conditions remain driven by continued downward pressure on US interest rates, as Fed expectations turn more dovish. Recent comments from New York Fed President John Williams, emphasizing the need for further monetary adjustments, have reinforced...
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...