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 up on Wednesday amid worries of oil supply disruptions in the U.S. and Russia, and as markets awaited clarity on the Ukraine peace talks. Brent crude futures were up 14 cents, or 0.2%, at $75.98 a barrel at 0450 GMT, and possibly set for a third day of gains. U.S. West Texas Intermediate crude futures for March rose 16 cents, or 0.2%, to $72.01, up 1.8% from the close on Friday after not settling on Monday because of the Presidents' Day public holiday. The March contract expires on Thursday and the more active April contract gained 14 cents, or 0.2%, to $71.97. "The...
Silver prices held above $32.5 per ounce on Wednesday after gaining over 2% over the past two sessions, as global trade uncertainties continued to drive safe-haven demand for precious metals. US President Donald Trump said on Tuesday that he plans to impose auto tariffs "in the neighborhood of 25%" and similar duties on semiconductors and pharmaceutical imports, raising worries over a wider trade war. Meanwhile, investors kept an eye on US-led efforts to resolve the war in Ukraine, which could reduce demand for safe-haven assets like silver. Last week, silver reached a three-month high as...
USD/CHF weakens to around 0.9030 in Wednesday's early European. Global geopolitical stress boosts the safe-haven flows, supporting the CHF. Fed's Daly said the central bank should keep short-term borrowing costs where they are until the progress is more visible.The USD/CHF pair softens to near 0.9030 during the early European session on Wednesday. Tension-filled negotiations on the Russia-Ukraine conflict boost the safe-haven flows, benefiting the Swiss Franc (CHF). Traders will take more cues from the FOMC Minutes, which will be published later on Wednesday. Ukraine President Volodymyr...
Gold price (XAU/USD) attracts some sellers during the Asian session on Wednesday and erodes a part of the previous day's strong move back up closer to the record high. The downtick could be attributed to some profit-taking amid a generally positive risk tone, which tends to undermine demand for the safe-haven bullion. That said, the uncertainty surrounding US President Donald Trump's tariff plans might continue to act as a tailwind for the precious metal. Meanwhile, expectations that the Federal Reserve (Fed) might cut interest rates further this year, bolstered by a surprise drop in US...
GBP/USD appreciates as the US Dollar loses ground amid lower Treasury yields.Trump shared plans to impose a 25% tariff on foreign cars, with higher duties expected on semiconductor chips and pharmaceuticals.Traders await the UK Consumer Price Index (CPI) data for fresh insights into the BoE's policy outlook.GBP/USD remains firm after losses in the previous session, trading around 1.2610 during the Asian session on Wednesday. Traders await the release of January's Consumer Price Index (CPI) data from the United Kingdom (UK) scheduled to be released later in the day. The Pound Sterling (GBP)...
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...