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 gains on US government shutdown optimism Oil prices rose on Monday on optimism that the U.S. government shutdown could end soon and lift demand in the world's top oil consumer, offsetting concerns about rising supplies globally. Brent crude futures rose 50 cents, or 0.79%, to $64.13 a barrel by 0916 GMT. U.S. West Texas Intermediate crude was at $60.28 a barrel, up 53 cents, or 0.89%. The U.S. Senate on Sunday moved forward on a measure aimed at reopening the federal government and ending a now 40-day shutdown that has sidelined federal workers, delayed food aid and snarled air...
Gold attracts some buyers on global growth worries, rising Fed rate cut bets Gold price (XAU/USD) jumps to near $4,075 during the early European trading hours on Monday. The precious metal edges higher amid uncertainty over the US economic outlook. Traders ramped up bets on a US rate cut following weak US private jobs data and a downbeat University of Michigan (UoM) Consumer Sentiment Index survey. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal. On the other hand, signs that the US government shutdown may end could...
Dollar lower as end to U.S. government shutdown draws nearer The U.S. dollar slipped lower Monday, as rising optimism that the U.S. government shutdown could be coming to an end hit this safe haven. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 99.370, after logging mild declines in the past week. The news that the U.S. Senate voted to advance a measure that could fund the U.S. government through January has boosted risk appetite, with the long-running shutdown, which entered its 40th day on Sunday, seen having a significant...
Silver rose above $49 per ounce on Monday, reaching a three-week high amid growing concerns over the US economy. The rally was supported by a weaker dollar, which makes dollar-denominated commodities cheaper for foreign buyers. The University of Michigan's consumer sentiment index fell to 50.3 in November, the second-lowest reading on record and below expectations of 53.2, as Americans worried about the economic fallout from the longest government shutdown in US history. Private data on Thursday showed the US economy lost 153,000 jobs in October, the highest for the month in 22 years,...
The pound weakened towards 1.3150 against the US dollar in early trading on Monday, ending the previous three-day rally. The dollar's strength was driven by optimism that the longest US government shutdown in history would soon end, after a number of moderate Democratic senators supported a temporary funding deal. This news triggered a return of funds to dollar assets. Meanwhile, the market is awaiting Bank of England Governor Clare Lombardelli's speech tonight for clues on the direction of interest rate policy. The BoE held interest rates at 4% last week but hinted at the possibility of a...
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...