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 prices fell over 1% on Tuesday as OPEC+'s decision to pause output hikes in the first quarter next year along with weak manufacturing data and a stronger dollar weighed on the market. Brent crude futures fell 82 cents, or around 1.3%, to $64.07 a barrel by 0905 GMT. U.S. West Texas Intermediate crude was down 84 cents, or 1.4%, at $60.21 a barrel. "The succession of poor manufacturing PMIs from Asia and then the U.S. ISM is a worry for oil demand. So is the ever present market upsetting tariff threat," said John Evans, analyst at PVM Oil Associates. "The renaissance of the U.S. dollar...
Gold held steady amid disagreements among three Federal Reserve policymakers over the next interest rate cut next month, with the U.S. dollar trading near its highest level in months. The price of bullion held near $4,000 an ounce, after fluctuating between gains and losses on Monday. Fed Chair Lisa Cook said she sees the risk of further labor market weakness as greater than the risk of rising inflation, but refrained from committing to another interest rate cut in December. These comments echoed those of her colleagues, Mary Daly and Austan Goolsbee. Governor Stephen Miran, on the other...
Gold edges lower in the early Asian session amid lingering worries over China's Finance Ministry ending of a tax incentive for sales of the precious metal, effective Nov. 1. "The new rules may potentially dent wholesale gold demand for end-users," TD Securities' Daniel Ghali says in a research report. Also, "the new rules could have a meaningful impact on gold's ecosystem within China," the senior commodity strategist adds. Spot gold is 0.2% lower at $3,997.62/oz. Source: Dow Jones Newswires
Oil dipped after a four-day run of gains as the market weighed OPEC+'s decision to pause output hikes early next year and contrasting views on supply. West Texas Intermediate traded near $61 a barrel, while Brent settled just below $65 on Monday. The Organization of the Petroleum Exporting Countries and its allies said at the weekend they planned to hold back from lifting production quotas in the first quarter. That came as the market is widely expected to be headed for a glut. US sanctions on Russia's two biggest producers will delay cargoes and slow down trade, the...
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...