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...
The Australian dollar (AUD) moved steadily against the US dollar (USD) on Thursday following the People's Bank of China (PBOC) interest rate decision. The Chinese central bank held the Loan Prime Rate (LPR) at 3.00% for one-year and 3.50% for five-year terms. As China is Australia's main trading partner, this decision influenced market perceptions of Australia's economic outlook and the movement of the AUD. Domestically, comments from RBA Assistant Governor Sarah Hunter added some color to the market. She emphasized that excessively strong economic growth has the potential to trigger...
Gold rises in the early Asian session on possible investment demand. TD Securities' analysis of '13F' filings for institutional holdings in the biggest physical gold ETF suggests that the breadth of companies buying gold has increased. The data also point to a broadening participation in a consensus gold bull market, says the brokerage's Daniel Ghali in a research report. Moreover, central bank purchases will probably stay as a secular trend, the senior commodity strategist adds. Spot gold is 0.6% higher at $4,102.58/oz. Source: Bloomberg
Oil held the biggest decline in a week after US fuel inventories rose, while investors monitor the fallout from sanctions on two major Russian producers that are scheduled to take effect on Friday. West Texas Intermediate's January contract traded above $59 a barrel after retreating more than 2% on Wednesday. Brent closed below $64. Gasoline and distillate stockpiles — a category that includes diesel — climbed for the first time in over a month last week, according to government data. US crude stockpiles declined by 3.4 million barrels, figures from the...
Silver steadied around $51 as markets digested the Fed's October minutes which revealed a divided committee. Many officials still expect cuts at some point but a large group signalled that a December move is not certain, and that pullback in near term easing expectations strengthened the dollar and removed some momentum from the metals rally. At the same time lingering macro and geopolitical risks preserved safe haven demand. Physical fundamentals remained supportive with technical momentum from last month's break above $52 keeping buyers engaged and steady Asian physical purchases propping...
Oil prices fell on Wednesday after reports indicated the United States is renewing its push to end Russia's war in Ukraine and has drafted a framework for it. Brent crude futures fell $1.63, or 2.5%, to $63.26 a barrel 12:15 p.m. ET (1715 GMT), while U.S. West Texas Intermediate crude futures were down $1.56, or 2.6%, to $59.18. The U.S. has signaled to Ukraine President Volodymyr Zelenskiy that his side must accept the U.S.-drafted framework to end the war, which proposes Kyiv giving up territory and some weapons, two sources told Reuters. An end to the war in Ukraine might pave the way...
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...