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 edged higher in European trading on Wednesday, as traders weighed supply disruption concerns in Russia and the U.S.. Yet gains were limited by the prospect of easing sanctions of Russia -- and a subsequent return of supplies from the major oil-producing country -- in the event of a peace deal to halt the war in Ukraine. Brent crude futures rose 0.5% to $76.26 a barrel by 06:13 ET, while West Texas Intermediate crude futures had increased by 0.6% to $72.29 per barrel.Prices rose in the prior session after Ukrainian drone strikes targeted a key Russian crude-pumping station,...
The Pound Sterling weakens against its major peers even though the United Kingdom (UK) Consumer Price Index (CPI) report for January showed that inflationary pressures accelerated at a faster-than-expected pace. In the 12 months to January, the headline CPI rose by 3%, faster than estimates of 2.8% and the December reading of 2.5%. In the same period, the core CPI – which excludes volatile components of food, energy, alcohol, and tobacco – grew by 3.7%, as expected, faster than the former reading of 3.2%. Month-on-month headline CPI inflation deflated at a slower-than-projected pace of...
Oil extended this week's advance on uncertainties around supplies from Russia, Kazakhstan and the rest of the OPEC+ alliance. Brent rose for a third straight session, trading above $76 a barrel. OPEC+ is weighing pushing back a series of monthly supply increases due to begin in April, which would be the fourth delay if implemented.At the same time, the exclusion of President Volodymyr Zelenskiy from US-led talks to end the war in Ukraine may slow an agreement and, consequently, the potential normalization of Russian crude flows.Source: Bloomberg
The dollar held steady against a range of currencies on Wednesday while the yen strengthened, as traders focused on talks over a Ukraine ceasefire and digested the latest round of tariff threats from U.S. President Donald Trump.The pound, meanwhile, got a small lift from a stronger-than-expected UK inflation print.The dollar index last stood at 107.06, up 0.047% after dropping 1.2% last week. The yen was stronger against the dollar , up 0.24% at 151.675.Source: Reuters
Gold's price (XAU/USD) extends this week's bullish momentum and hits a fresh all-time high at above $2,945 during the European trading session on Wednesday. The up-move comes after United States (US) President Donald Trump's harsh words on Ukraine overnight, just hours after first talks between the US and Russia officials raised concerns among traders if a peace deal is even in the cards. Meanwhile, President Trump confirmed again that 25% tariffs on automobile imports are coming, extending to pharmaceutical and semiconductor imports in addition. Meanwhile, the Federal Reserve (Fed) is set...
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...