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 rose after after President Donald Trump's administration signaled openness to a deal with China to quell fresh trade tensions between the two biggest crude consumers. Brent advanced above $63 a barrel after plunging 3.8% on Friday in its biggest drop since August, while West Texas Intermediate was near $60. Trump on Friday announced an additional 100% tariff on China as well as export controls on "any and all critical software" beginning Nov. 1, following moves by Beijing to add new port fees on US ships and curbs on exports of rare earths and other critical materials....
Gold price rises during the North American session on Friday amid an escalation of the trade war between the US and China. This, the US government shutdown and expectation for further easing by the Federal Reserve (Fed) keep the yellow metal bid. XAU/USD trades at $3,997, up 0.60%, at the time of writing. Bullion's boosted by escalating tariff threats and prolonged Washington deadlock reigniting risk aversion Risk aversion is the name of the game after US President Donald Trump warned of possible fresh duties on China, as the latter threatens to impose export controls on rare earths. Trump...
Silver surged toward an all-time high above $50 an ounce as a historic squeeze deepened in the London market. Spot prices rose as much as 3.7% to above $51 an ounce before paring some gains, while one-month borrowing costs for the precious metal in London hit a year-to-date record of 35%. Gold and palladium also rose. Silver is up more than 70% this year, far outpacing gold, as investors seek safety amid US fiscal uncertainty, concerns over an overheated equity market, and threats to the Federal Reserve's independence. Earlier this year, concerns that the US could impose tariffs on silver...
Gold rebounded from earlier losses on Friday (October 10th) and is on track for its eighth consecutive weekly gain, driven by widespread political and economic uncertainty and expectations of further US interest rate cuts, while silver is nearing a record high. Spot gold, which hit a record high of $4,059.05 on Wednesday, rose 0.6% to $3,998.02 an ounce by 11:12 GMT – a gain of 2.9% so far this week. US gold futures for December delivery rose 1% to $4,012.30. Non-yielding bullion is traditionally considered a hedge during times of broader uncertainty. "Gold is no longer just a defensive...
Oil extended the biggest decline in a week on cautious optimism about easing tensions in the Middle East and the outlook for supply. Brent traded below $65 a barrel after closing 1.6% lower on Thursday. Israel approved a framework that would see Hamas release hostages in exchange for prisoners, a major step toward a peace agreement to end the bloody conflict in Gaza which has destabilized the Middle East. Meanwhile, traders were on alert after the US sanctioned more than 50 individuals, firms and vessels involved in the Iranian energy trade, including a key crude-import terminal and 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...