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 pushed lower after Ukrainian President Volodymyr Zelenskiy agreed to work on a peace plan, just as US sanctions on two Russian oil giants are scheduled to take effect on Friday. West Texas Intermediate dropped for a third session toward $58 a barrel, while Brent closed near $63 on Thursday. The plan was drafted by the US and Russia and Zelenskiy expects to talk with President Donald Trump in the coming days. Proposals include Ukraine ceding territory and the removal of sanctions. European diplomats expressed skepticism about any deal, noting that Russian President...
Global gold prices weakened again in tonight's trading after rising in the previous session. The main pressure came from the strengthening US dollar and rising US government bond yields, reducing gold's attractiveness as a non-yielding asset. As the dollar strengthens, the cost of holding gold for investors transacting in other currencies becomes more expensive, prompting some market participants to sell and take profits after the rally in recent weeks. At the same time, market participants were still closely monitoring the US employment data, released after a recent delay. The report...
Gold held steady, halting a two-day rally, as investors tempered expectations of a Federal Reserve interest rate cut next month. Gold bullion traded near $4,070 an ounce, after rising nearly 1% over the previous two sessions. The US will not release its October employment report, leaving Fed policymakers without significant data before their final meeting of the year. Meanwhile, minutes from the October meeting showed many officials said it would likely be appropriate to keep interest rates steady for the remainder of 2025. Gold bullion tends to benefit from lower interest rates because it...
Oil prices edged higher as investors weighed the impact of U.S. sanctions on Russia's Rosneft PJSC and Lukoil PJSC, which will take effect on Friday, while the European Union explored further measures to pressure Moscow. Brent traded near $64 a barrel after falling more than 2% on Wednesday, its biggest drop in a week, and West Texas Intermediate neared $60. U.S. sanctions on the Russian oil giant have disrupted crude flows, particularly to India, and forced Lukoil to seek buyers for its international assets. Oil prices remained near annual losses on expectations of a surplus as OPEC+ and...
Gold prices fell more than 1% on Thursday (November 20th), pressured by a stronger dollar and fading expectations of a Federal Reserve interest rate cut in December, as investors awaited the delayed US employment report later in the day. Spot gold fell 0.4% to $4,066.32 an ounce, as of 09:20 GMT, after falling more than 1% earlier in the session. US gold futures for December delivery fell 0.4% to $4,065.30 an ounce. The dollar index strengthened near a two-week high, making gold more expensive for holders of other currencies. "The strengthening dollar is weighing on gold, but these price...
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...