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 extended losses on Tuesday following reports that OPEC+ will go ahead with a planned output increase in April and as US tariffs on Canada, Mexico and China come into effect, as well as Beijing's retaliatory tariffs. Brent crude futures were down $1.05, or 1.5%, at $70.57 a barrel by 0924 GMT while US West Texas Intermediate (WTI) crude was down 86 cents, or 1.3%, at $67.51. "The current downtrend in oil prices is mainly driven by the decision by OPEC+ to increase production and the imposition of US tariffs," said Darren Lim, commodity strategist at Phillip Nova. He said another...
Gold (XAU/USD) attracted some dip-buying during the early European session on Tuesday (04/03) and turned positive for the second straight day, with bullish investors looking to build on the momentum beyond the $2,900 mark. Concerns about the economic impact of US President Donald Trump's trade tariffs, which could trigger a global trade war, along with geopolitical risks, weighed on investor sentiment. This turned out to be a key factor that continued to support the safe-haven demand for bullion. Meanwhile, expectations that US President Donald Trump's trade tariffs will reignite inflation...
Silver rose above $31 per ounce at the start of March, driven by a weaker dollar and safe-haven buying amid concerns over shifting US trade policy. Last week, US President Donald Trump announced that tariffs on Canadian and Mexican imports were set to take effect Tuesday, along with an additional 10% duty on Chinese shipments, bringing the cumulative tariff on China to 20%. In response, reports indicated that Beijing was preparing to impose countermeasures against US imports. Meanwhile, ongoing supply and demand uncertainties continued to weigh on sentiment. Hecla Mining, the largest US...
Gold prices were largely unchanged in Asian trading on Tuesday, supported by safe-haven demand as U.S. President Donald Trump's tariffs on Mexico and Canada came into effect. Spot Gold was steady at $2,892.98 per ounce, while Gold Futures expiring in April gained 0.1% to $2,903.87 an ounce by 00:23 ET (05:23 GMT). Gold steady as Trump tariffs on Mexico, Canada come into effect At 5:01 GMT on Tuesday, President Trump's administration implemented 25% tariffs on imports from Mexico and Canada, aiming to address concerns over illegal immigration and drug trafficking. Trump also signed an...
Oil prices continued to fall in on Tuesday after U.S. President Donald Trump paused military aid to Ukraine and as markets braced for U.S. tariffs on Canada, Mexico and China to take effect. Brent futures fell 54 cents, or 0.75%, to $71.08 a barrel by 0149 GMT, while U.S. West Texas Intermediate (WTI) crude fell 36 cents, or 0.53%, to $68.01. The pause to all U.S. military aid to Ukraine confirmed by a White House official on Monday followed Trump's Oval Office clash with Ukrainian President Volodymyr Zelenskiy last week. The market has viewed the growing distance between the White House...
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...