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 trimmed losses after Kyiv and its European allies rejected key parts of a US-Russia plan to end the war in Ukraine. Bullion prices traded near $4,060 an ounce, heading for a slight weekly loss following a sell-off in equities and cryptocurrencies, and a poor US jobs report that clouded prospects for another Federal Reserve interest rate cut in December. The leaders of Germany, France, and the UK agreed in a phone call with Ukraine's Volodymyr Zelenskiy that Kyiv's armed forces must remain capable of defending its sovereignty. The US has threatened to halt the provision of intelligence...
Gold prices fell more than 1% on Friday (November 21) and are set for a weekly decline after a strong US jobs report dampened expectations of a Federal Reserve rate cut next month, weighing on the non-yielding precious metal. Spot gold fell 0.7% to $4,047.14 an ounce, as of 09:09 GMT, after falling more than 1% earlier in the session. Bullion prices have fallen 0.5% this week. US gold futures for December delivery fell 0.4% to $4,044.50 an ounce. "The prospect of further rate cuts is somewhat tempered by the good labor market data released yesterday. I think that's the main factor"...
Oil prices fell more than 1% on Friday (November 21), extending their decline for a third session as the United States pushes for a Russia-Ukraine peace deal that could boost global supply, while interest rate uncertainty curbs investor risk appetite. Brent crude futures fell 83 cents, or 1.3%, to $62.55 a barrel at 08:45 GMT. U.S. West Texas Intermediate crude fell 1.6%, or 92 cents, to $58.08. Both contracts are expected to decline by about 3% for the week, erasing last week's gains. Market sentiment turned bearish as Washington pushed for a peace plan between Ukraine and Russia to end...
The Japanese yen held steady near 157 per dollar on Friday (November 21st), after previously weakening steadily. The currency began to "put on the brakes" after Finance Minister Satsuki Katayama signaled that the government could intervene if the yen's movements were deemed too wild and speculative. Now, many market participants expect Japanese authorities to step in again if the yen approaches 160 per dollar, in line with previous intervention areas. Despite the temporary halt in its weakening, the yen is still expected to fall nearly 2% in the week and is near a 10-month low. Pressure...
Gold was steady after a mixed US jobs report that offered little fresh incentive for the Federal Reserve to cut interest rates. Bullion was trading around $4,080 an ounce, after dropping marginally in the previous session. The last labor report that the Fed will see before its Dec. 9-10 meeting showed that US job growth beat expectations in September but unemployment marched higher. Many Fed officials are leaning toward keeping interest rates steady, while swap traders see a less-than-50% chance of a reduction next month. Bullion typically underperforms in a higher rate...
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...