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 prices fell to $2,880 an ounce on Thursday (27/2) after hitting a record high of $2,950 on Monday, pressured by a stronger U.S. dollar after President Donald Trump announced a new set of tariffs on major trading partners. The U.S. president announced 25% tariffs on Canada and Mexico for next week, minutes after Treasury Secretary Bessent only hinted at them for April. In addition, Trump announced restrictions on China and new levies on the European Union, further hurting demand for foreign currencies and boosting the U.S. dollar. On the economic data front, recent data continued to show...
Oil prices rose more than 2% on Thursday as supply concerns resurfaced after U.S. President Donald Trump revoked a license granted to U.S. oil major Chevron (NYSE:CVX) to operate in Venezuela. Investors, however, were still watching for signs of a potential peace deal in Ukraine, which could lead to higher Russian oil flows. Brent crude futures were up $1.53, or 2.1%, at $74.06 a barrel by 1:28 p.m. EST (1828 GMT). U.S. West Texas Intermediate crude futures were up $1.64, or 2.4%, at $70.26. The contracts had settled the previous session at their lowest since Dec. 10. "The market prefers...
EUR/USD struggles around the psychological level of 1.0500 in North American trading hours on Thursday. The major currency pair falls as United States (US) President Donald Trump reiterated tariff threats on the Eurozone. President Trump said in a press conference on Wednesday that he will announce 25% tariffs on "cars and other things" on the Eurozone "very soon." However, Trump didn't provide a timeline for the tariff imposition. In response to Trump's tariff threats, a European Commission (EC) spokesperson said, "The EU will react firmly and immediately against unjustified barriers to...
Gold's price (XAU/USD) ekes out more losses and faces already more than 1% loss ahead of the American trading session on Thursday. The leg lower came after United States (US) President Donald Trump casted doubts and confusion during a cabinet meeting on Wednesday about what levies will be applied, when and to which countries. President Trump said "tariffs will go on, not all, but a lot of them" and added that levies on Canada and Mexico imports will go into effect on April 2. Reciprocal tariffs should be installed on April 2 too. The US President confirmed a 25% tariff would be...
Gold's price (XAU/USD) faces strong selling pressure and extends this week's correction to hit a ten-day low near $2,880 at the time of writing on Thursday. The leg lower comes after United States (US) President Donald Trump cast doubts and confusion during a cabinet meeting on Wednesday about what levies will be applied, when and to which countries. President Trump said "tariffs will go on, not all, but a lot of them" and added that levies on Canada and Mexico imports will go into effect on April 2. Reciprocal tariffs should be installed on April 2 too. The US President confirmed a 25%...
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...