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...
The US Dollar Index (DXY) held steady around 99.50 during the Asian session on Friday (October 31st). The greenback's movement was slight as market expectations for a Fed interest rate cut strengthened. According to the CME FedWatch Tool, the probability of a December rate cut is at 71%, up from 66% the day before, although still down from a peak of nearly 91% after Fed Chair Jerome Powell emphasized that further action would be data-dependent given the limited official data due to the US government shutdown. At its Wednesday meeting, the Fed cut interest rates by 25 basis points to...
Gold consolidated gains from a day earlier, holding above $4,000 an ounce as traders weighed a US-China trade truce that failed to quash concerns about long-term competition between the world's two largest economies. Bullion edged higher on Friday, after climbing 2.4% in the previous session to halt a four-day losing streak. While talks between Presidents Donald Trump and Xi Jinping appeared to resolve – for now – months of brinkmanship, a one-year pause is likely only to stabilize relations while buying each side time to reduce strategic dependence. The détente...
Oil headed for a third monthly drop on concerns about a global glut, with OPEC+ expected to back another supply hike this weekend. West Texas Intermediate fell toward $60 a barrel, on track for a monthly loss of more than 3%, while Brent settled at $65. The producers' group will hold discussions on Sunday, and members are expected to agree to revive another slice of halted capacity in a push to reclaim market share. Traders were also taking stock of the impact of Western sanctions on Russia, including US curbs on the nation's leading producers, Rosneft PJSC and...
Gold price rallies over than 1.50% on Thursday after the Federal Reserve (Fed) reduced rates as expected despite Chair Jerome Powell's hawkish comments at the press conference. Falling US Treasury yields and geopolitics boosted the yellow metal, which trades at $3,995 at the time of writing. Bullion rebounds above $3,990 amid softer yields and geopolitical jitters. On Wednesday, the Fed reduced borrowing costs by 25 basis points to 3.75%-4% on a 10-2 split vote. The two dissenters were Fed Governor Stephen Miran, voting for a 50-bps cut, and Kansas City Fed President Jeffrey Schmid, who...
The US dollar traded higher for the second consecutive day against a basket of currencies. The greenback strengthened sharply on Wednesday, following hawkish comments from Fed Chairman Jerome Powell, extending its gains to the 99.25 area in Thursday's European session, as investors weighed the scope of a Sino-US trade deal. US President Donald Trump said he had a "wonderful" conversation with his Chinese counterpart, Xi Jinping, which concluded with an agreement to reduce tariffs in exchange for free trade in rare earths and minerals from China and a pledge to resume purchases of US...
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...