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...
Global oil prices ended little changed Monday, while U.S. prices posted a modest gain as upbeat manufacturing data from China lifted prospects for energy demand. A cease-fire between Israel and Iran-backed Hezbollah led to a drop in prices for the month of November. Weakness on Friday came after the Organization of the Petroleum Exporting Countries and its allies — known together as OPEC+ — delayed until Thursday a meeting that had been set for Sunday. West Texas Intermediate crude for January delivery rose 10 cents, or nearly 0.2%, to settle at $68.10 a barrel on the New York Mercantile...
Gold traded lower mid-afternoon on Monday as the dollar climbed on rising expectations the Federal Reserve may not lower interest rates when the central bank's policy committee meets later this month. Gold for February delivery was last seen down US$21.70 to US$2,659.30 per ounce. The precious metal has been mostly rangebound since correcting from a record high of US$2,800.80 on Oct.30, as the dollar surged following the U.S. election and inflation remains stuck above the Federal Reserve's 2% target. "Gold slipped as the dollar rose overnight, highlighting its current rangebound behavior...
Crude oil prices have started to rise as tensions mount ahead of the most important OPEC+ meeting before 2025, which will be held on Thursday. Ahead of the meeting, Iranian official Afshin Javan made an ominous statement by issuing an opinion piece that blamed OPEC+ for the current low prices. The main point of the opinion piece was that OPEC+ had kept oil prices high for too long, funding its competitors to boost cheaper alternatives. The debate is heated ahead of Thursday's online meeting after Afshin Javan's opinion piece, where OPEC+ will agree to extend its production curbs. At the...
Gold dropped 1% on Monday, ending a four-session winning streak, weighed down by a robust U.S. dollar, as investors eyed upcoming economic data and remarks from Federal Reserve officials for clues on the future of U.S. interest rates. Spot gold was down 0.5% to $2,640.93 per ounce, as of 1207 GMT. It was down 1% earlier in the session. U.S. gold futures fell 0.6% to $2,663.90. The dollar index gained 0.5%, on track for its best day in over a week, making greenback-priced bullion more expensive for holders of other currencies. Trump on Saturday called on BRICS nations to pledge not to...
The greenback snapped a three-day losing streak amid focus on French budget talks and a fresh currency warning by President-elect Donald Trump. The Bloomberg Dollar Spot Index rises as much as 0.6% while the yield on 10-year Treasuries is up by three basis points to 4.20%. Trump warned the so-called BRICS countries he would require a commitment that they wouldn't create a new currency as an alternative to using the greenback, and repeated threats to levy a 100% tariff if they did. This is a tactic that risks backfiring, market watchers...
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...