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 price of silver (XAG/USD) is now hovering around $50.80 per ounce after previously slipping below the psychological $50.00 level and hitting its lowest level in more than a week. This recovery comes amidst a global market situation that remains uncertain: global stock markets are under pressure, particularly the technology sector, which is considered "overpriced," while market participants are beginning to reduce expectations of aggressive interest rate cuts by the Fed. Fundamentally, silver benefits from two factors. As a precious metal, it is often viewed as a safe haven when risk...
The EUR/USD pair traded slightly around 1.1580 during Wednesday's Asian session, after three consecutive days of weakness. The main pressure came from the strengthening US dollar, as markets began to reduce expectations that the Federal Reserve would cut interest rates at its December meeting. Currently, the CME FedWatch tool estimates the chance of a rate cut at only around 49%, down from 67% a week ago. The market is also awaiting the release of September's Nonfarm Payrolls (NFP) data, due on Thursday, which could trigger the next major move. On the data front, initial jobless claims in...
Gold steadied as investors weighed a decline in global equities, unease over lofty tech valuations and fading expectations of an interest-rate cut in the US. Bullion was trading around $4,070 an ounce, having ended the previous session up 0.6%. A high-stakes earnings report from Nvidia Corp. due Wednesday will test investors' nerves over stocks linked to artificial-intelligence developments. While gold often performs well when investors seek refuge from market turmoil, it can also suffer in the short term as traders are forced to unwind leveraged positions. Comments by several...
Oil steadied as traders weighed a report showing rising US stockpiles against concerns about the fallout from sanctions on Russia. West Texas Intermediate traded below $61 a barrel, after gaining more than 1% on Tuesday, when Brent closed near $65. The industry-funded American Petroleum Institute reported a 4.4 million barrel increase in US crude inventories, as well as builds in products. That would take oil inventories to the highest in more than five months, if confirmed by official data. US sanctions against Russian producers Rosneft PJSC and Lukoil PJSC are set to kick...
Silver (XAG/USD) edges higher on Tuesday, trading around $50.70 at the time of writing, up 1.00% on the day. The precious metal is supported by a broad risk-off tone across markets, with investors favoring safe-haven exposure as risk assets come under pressure. This cautious mood comes ahead of long-delayed US economic releases, most notably the September Nonfarm Payrolls (NFP) report scheduled for Thursday. Global equities are broadly lower, fueling demand for defensive assets. Investors remain hesitant as the flow of US macroeconomic indicators has been disrupted in recent weeks,...
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...