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 edged higher on Wednesday after data showed U.S. private payrolls rose at a moderate pace last month, while investors digested remarks from Federal Reserve Chair Jerome Powell and looked forward to Friday's non-farm payrolls report. Spot gold was up 0.4% at $2,654.03 an ounce by 02:15 p.m. ET (1915 GMT). U.S. gold futures settled 0.3% higher at $2,676.20. Private payrolls rose by 146,000 last month, the ADP report showed. Economists polled by Reuters had forecast private employment increasing by 150,000 positions. Powell said the recent performance of the economy will allow the U.S....
Gold prices rise in late afternoon trade in Europe after the latest U.S. job data showed private payrolls growth was less than expected in November, reflecting a slowing labor market. The yellow metal's futures trade 0.4% higher at $2,679.50 a troy ounce, while the U.S. dollar slightly retreated against a basket of other major currencies. The U.S. private sector added 146,000 jobs last month--down from a revised 184,000 a month prior and against expectations of 163,000--possibly strengthening the case for a December rate cut. The report comes ahead of Fed Chair Jerome Powell's remarks later...
The dollar index hovered around 106.6 on Wednesday, its highest level in a week, as market participants awaited further clues on the Fed's plans for its December meeting. Attention will now turn to a speech by Chairman Jerome Powell in New York later in the day, with odds of a 25bps Fed rate cut now hovering around 74%. Also, the ADP report showed the U.S. private sector added 146,000 jobs last month, a strong reading and slightly below market expectations of 150,000. The highly anticipated jobs report is due on Friday. The U.S. dollar gained the most against the yen and the Australian...
Gold prices were steady as market participants weighed political turmoil in South Korea and France, which has boosted demand for safe-haven assets. Bullion was little changed near $2,635 an ounce on Wednesday, after rising 0.2% in the previous session. South Korean President Yoon Suk Yeol made a surprise declaration of martial law late Tuesday, before revoking the decision hours later. Opposition parties have since filed a motion calling for his impeachment. Also in France, President Emmanuel Macron called on lawmakers to reject a vote that would overthrow the government. The precious...
Oil prices firmed on Wednesday as market participants weighed up geopolitical tensions and the prospect of OPEC+ extending supply cuts against weaker demand. Brent crude futures rose 23 cents, or 0.3%, to $73.85 a barrel by 0700 GMT, while U.S. West Texas Intermediate crude futures gained 19 cents, or 0.3%, to $70.13. On Tuesday, Brent posted its biggest gain in two weeks, rising 2.5%. Meanwhile in the U.S., crude oil inventories rose 1.2 million barrels last week, market sources said, citing data from the American Petroleum Institute. Gasoline inventory also rose, by 4.6 million...
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...