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 prices moved lower amid a quiet post-Christmas holiday trade, trading near $2,630 during the Asian session on Friday (12/27). However, the safe-haven asset could find upside support as markets anticipate signals from the US economy under the incoming Trump administration and the Federal Reserve's (Fed) interest rate outlook for 2025. Gold, a non-yielding asset, gained traction as modest US PCE inflation data challenged expectations of limited Fed rate cuts next year, hinting at the possibility of more cuts. The safe-haven appeal was supported by rising geopolitical risks stemming from...
The Japanese Yen (JPY) strengthened against the US Dollar (USD) on Friday. The USD/JPY pair retreated from its recent gains as the Japanese Yen (JPY) strengthened following the release of the Tokyo Consumer Price Index (CPI) inflation data. The data is expected to keep the Bank of Japan (BoJ) on track to raise interest rates in January The headline Tokyo CPI inflation rose to 3.0% YoY in December, up from 2.6% in November. Meanwhile, Tokyo CPI excluding Fresh Food and Energy rose to 2.4% YoY in December, compared to 2.2% in the previous month. Tokyo CPI excluding Fresh Food also rose...
Silver (XAG/USD) prices extended its gains for the sixth straight day, trading around $29.90 during Asian hours on Friday. Silver prices could find upside support amid safe-haven demand as markets anticipate signals on the US economy under the incoming Trump administration and the Federal Reserve's (Fed) interest rate outlook for 2025 Non-yielding silver gained traction as modest US PCE inflation data challenged expectations of limited Fed rate cuts next year, hinting at the possibility of more cuts. The safe-haven appeal was supported by rising geopolitical risks stemming from the ongoing...
Oil prices fell in sluggish year-end trading, with investors assessing the outlook for 2025 while monitoring developments in the Middle East. Brent crude was steady near $73 a barrel, after falling 0.4% on Thursday, while West Texas Intermediate held below $70 a barrel. A 10-day volatility gauge for the U.S. crude benchmark has fallen to its lowest level since 2021, with the same metric for Brent dropping to its narrowest reading since March. Source: Bloomberg
Gold was steady in quiet post-holiday trade, after mixed U.S. jobless claims data did little to change bets on the Federal Reserve's interest rate cut prospects. Bullion was near $2,633 an ounce, after rising 0.6% on Thursday, following a report showing initial applications for U.S. unemployment benefits rose to their highest in more than three years — suggesting it is taking longer for unemployed people to find work. Initial claims, however, fell. Speaking after the Fed's final policy meeting of 2024, Chairman Jerome Powell last week reiterated that the labor market was cooling in a 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...