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 rose for a second day on Wednesday (October 22nd), rising about 2%, driven by rising US energy consumption and hopes for progress on a US trade deal with China and India. Brent crude rose $1.29, or 2.1%, to $62.61 a barrel at 11:09 a.m. EDT (15:09 GMT), while US West Texas Intermediate crude rose $1.34, or 2.34%, to $58.58. US crude inventories fell during the week ending October 17th, according to the Energy Information Administration (EIA) on Wednesday. Crude stocks fell by 961,000 barrels to 422.8 million barrels last week, compared with analysts' expectations in a Reuters...
Gold prices fell on Wednesday to a nearly two-week low, following their sharpest one-day decline in five years in the previous session, as investors booked profits ahead of key US inflation data due later this week. Spot gold fell 2% to $4,038.89 an ounce, as of 11:19 a.m. ET (1519 GMT), after rising as high as $4,161.17 earlier in the session. US gold futures for December delivery fell 1.3% to $4,055.40 an ounce. Gold prices have hit multiple record highs and are up 54% this year, driven by geopolitical tensions, economic uncertainty, expectations of a US interest rate cut, and strong...
US Dollar (USD) consolidates within a narrow range as markets await September CPI and October PMI, while the ongoing US government shutdown adds pressure on growth and the Fed hints at year-end rate cuts, BBH FX analysts report. US government shutdown adds downside risks to growth"USD is building on yesterday's gains but continues to trade within a tight range in the absence of major US data releases. Indeed, FX volatility is well below its long-term average and near historic lows. We expect a bit more fireworks on Friday, with the release of the US September CPI and October PMI...
Oil prices pushed higher for a second day on Wednesday, rising by about 2%, buoyed by hopes of progress of a U.S. trade deal with China and India. Brent crude futures rose 96 cents, or 1.6%, to $62.28 a barrel as of 0924 GMT, while U.S. West Texas Intermediate crude futures climbed 95 cents, or 1.7%, to $58.19. "Oil prices climbed after reports suggested the U.S. and India are close to finalising a trade deal that could see India gradually cut imports of Russian crude, potentially lifting demand for other grades," MUFG analyst Soojin Kim said. U.S. President Donald Trump said he spoke...
Gold resumes corrective downside Gold stalls its recovery momentum and returns to the red below $4,100 in European trading on Wednesday. The rebound in Gold faces headwinds from a renewed buying interest seen in the US Dollar amid broad risk aversion. Easing US-China trade tensions also aids the USD's uptick, weighing on Gold once again. Gold gains ground as US Dollar weakensThe US government shutdown has entered its fourth week as the Senate on Monday failed for the 11th time to advance a House-passed measure to fund the government and end the ongoing shutdown. The 50-43 vote fell mostly...
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...