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 surged above $3,890 an ounce on Wednesday (October 1), hitting a new record high as the US government shutdown boosted demand for safe-haven assets. Washington has suspended most operations after a partisan standoff prevented a funding deal between Congress and the White House, triggering a potentially prolonged impasse that threatens thousands of federal jobs. Traders are closely monitoring the duration of the government shutdown, as it threatens to delay key economic data, including Friday's nonfarm payrolls report, which is seen as crucial ahead of the Fed's policy meeting in late...
The Australian dollar edged lower to around $0.660 on Wednesday, ending its three consecutive session of gains, as investors digested soft economic data. Australia's manufacturing sector continued to expand in September, though at a slower pace, while industry activity showed slight improvement but remained in contraction, with weak demand, rising costs, and labor shortages weighing on firms. Additionally, global sentiment remained cautious amid concerns over a potential US government shutdown after the Congress's failure to pass funding bills. The commodity-linked Aussie also came under...
The US dollar continued to weaken, approaching its lowest level in a week as uncertainty over a possible US government shutdown looms. If the US government does shut down, the release of key data, such as Friday's jobs report, could be delayed, heightening market caution. US President Donald Trump warned that a shutdown would force the government to take "irreversible" steps, including shutting down critical programs. Meanwhile, recent data showed the US labor market is starting to weaken, with a decline in the number of workers employed despite a slight increase in job openings. In the...
Gold edges higher in the early morning Asian session. The U.S. federal government is on track to shut down, with Congress set to miss the deadline to fund federal agencies. Front-month Comex gold futures ended 16.59% higher in 3Q, a record quarterly net gain. The precious metal's strong performance has been fueled by risingdemand for safe-haven assets, Exness's Agustina Patti says in an email. Immediate focus has remained on Washington, where talks between President Trump and congressional leaders ended without agreement on extending government funding, the financial markets strategist...
Oil steadied after a two-day drop as OPEC+ may discuss fast-tracking its latest round of supply hikes when members gather this weekend. West Texas Intermediate traded near $62 a barrel, after falling more than 5% in the first two days of the week, while Brent closed above $66. The alliance is slated to discuss potentially lifting output in three monthly installments of 500,000 barrels a day to recoup market share, a delegate said. Still, OPEC said in a statement that it didn't have such a plan. In wider markets, traders were counting down to a possible US government...
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...