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 rose on Friday (November 7) as expectations of further interest rate cuts from the Federal Reserve and lingering concerns over the US economic outlook amid the prolonged government shutdown boosted demand. Spot gold rose 0.8% to $4,010.72 an ounce, as of 09:25 GMT. US gold futures for December delivery rose 0.7% to $4,019.50 an ounce. "The bullish current is still in play," said independent analyst Ross Norman. "The underlying themes associated with the strengthening gold price remain very relevant: central bank gold purchases and the prospect of interest rate cuts." The US economy...
Oil prices rose on Friday (November 7th), but remained on track for a second straight weekly loss after three days of declines on oversupply concerns and slowing US demand. Brent crude rose 60 cents, or 1%, to $63.98 per barrel at 09:04 GMT. US West Texas Intermediate crude rose 61 cents, or 1%, to $60.04. Both benchmarks are expected to post weekly declines of more than 1.5% as leading global producers increase output. "The market continues to price in the growing oil surplus against a mixed macro environment," said SEB analyst Ole Hvalbye. An unexpected increase in US inventories of 5.2...
The US Dollar trims losses on Friday with investors wary of risk following another sell-off on Wall Street, as concerns of an AI bubble remain alive. The USD Index, which measures the value of the Dollar against a basket of peers, is trading at 99.85 in the early European session, up from weekly lows around 99.65. The Greenback drew some support from risk aversion as Asian markets followed Wall Street and posted significant losses, with tech stocks leading the drawdown. Fears of a dotcom-like crash, coupled with downbeat employment data from the US, have triggered a rush for safety that is...
Silver is trading in a high range (the December COMEX contract is around $48–49/oz) as risk-off sentiment spreads and the US dollar weakened. The sharp rise in Challenger job losses in October boosted market confidence that the Fed could cut interest rates sooner, boosting interest in the precious metal. However, silver's rally has tended to be more subdued than gold's because silver is also highly dependent on the industrial cycle. From a fundamental perspective, the medium-term market balance remains tight: The Silver Institute expects a continued supply deficit into 2025, despite...
Gold strengthened in the Asian session as signs of a fragile US economy emerged. US companies reported plans to cut more than 150,000 jobs last month—nearly triple the number in September—according to consultancy Challenger, Gray & Christmas. This data added to market concerns and boosted interest in safe-haven assets. Meanwhile, the US government shutdown entered its 37th day. Its impact is becoming increasingly noticeable: the Federal Aviation Administration (FAA) ordered a 10% reduction in traffic at 40 airports. This policy reinforced signals of slowing activity and dampened risk...
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...