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 settled higher on Tuesday, driven by concerns over limited supply from Russia and Iran because of Western sanctions and expected higher Chinese demand. Brent crude futures settled at $77.05 a barrel, up 75 cents, or 0.98%. U.S. West Texas Intermediate (WTI) crude finished at $74.25 a barrel, up 69 cents, 0.94%. Traders were looking to the Chinese stimulus plans to drive growth as supplies are tight following the Christmas and New Year's holidays, said Forex market analyst Razan Hilal. Concern over sanctions tightening supply has translated into increased demand for Middle...
Gold prices trimmed earlier gains, trading below $2,650 per ounce on Tuesday after a 1% rise earlier in the session. The strengthening dollar and rising Treasury yields pressured gold as U.S. job openings indicated lower chances of significant rate cuts by the Federal Reserve. Stronger-than-expected job openings and solid services sector data pointed to a resilient economy, likely keeping the Fed cautious about easing rates. The dollar rebounded from a one-week low, further weighing on gold, which typically benefits from lower interest rates. Investor concerns that proposed U.S. tariffs...
Oil prices edged lower on Tuesday as optimism over demand faded, although tighter Russian and Iranian supplies driven by expanded Western sanctions curbed losses. Brent crude futures were down 25 cents, or 0.33%, at $76.05 a barrel by 0950 GMT, while U.S. West Texas Intermediate (WTI) crude was down 44 cents, or 0.60%, at $73.12. Both benchmarks fell on Monday, after rising for five straight days last week and ending at their highest levels since October on Friday amid expectations of more fiscal stimulus to revitalize China's faltering economy. "This week's weakness is likely a technical...
Gold edged higher on a weaker dollar as traders weighed risks to global trade after President-elect Donald Trump denied reports that he might moderate his broad tariff plans. Bullion traded above $2,640 an ounce, after ending lower in the previous two sessions. Uncertainty about the much-anticipated U.S. move helped lift the 10-year Treasury yield to its highest since May on Monday, while the dollar fell. The precious metal typically faces headwinds from higher yields but support from a weaker U.S. currency. "Gold is seen consolidating in a range, but is likely to trade with a positive...
The U.S. dollar fell on Tuesday, nearing a one-week low following a report that President-elect Donald Trump's tariffs could be less aggressive, while the euro strengthened ahead of key inflation data. At 4:25 a.m. ET (09:25 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.3% lower at 107.775, after falling overnight to its weakest since Dec. 30. Dollar remains weaker The dollar has weakened since the Washington Post published a report on Monday that the new Trump administration is exploring plans to limit tariffs on sectors deemed...
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...