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...
Silver price (XAG/USD) pares its recent losses from the previous session, trading around $44.00 per troy ounce during the European hours on Thursday. The non-interest-bearing Silver maintains its position near a 14-year high of $44.47, which was reached on Tuesday as traders widely expect a 25-basis-point rate cut by the US Federal Reserve (Fed) at its October policy meeting. US Federal Reserve (Fed) Chair Jerome Powell struck a cautious note, stressing that the US central bank must weigh stubborn inflation against a softening job market, calling it "a challenging situation" and reiterating...
Oil steadied following its biggest jump since July, after US President Donald Trump's increasingly hawkish rhetoric on Russia raised geopolitical risk. West Texas Intermediate traded above $64 a barrel after gaining 2.5% on Wednesday, while Brent settled above $69. Trump said NATO nations should shoot down Russian aircraft that violated their airspace and that Europe should stop purchasing energy from the OPEC+ member, leading oil investors to cut bearish positions. Meanwhile, US government data showed nationwide crude inventories declined to the...
Gold edges higher in early Asian trade amid lingering safe-haven demand. Geopolitical tensions have continued to support this demand, DHF Capital's Bas Kooijman says in an email. NATO recently described Russia's airspace violation over Estonia as part of a broader pattern of aggression, warning it would deploy "all necessary measures" to defend members, the CEO and asset manager says. Risks of a possible U.S. government shutdown next week may also be buoying the precious metal. Spot gold is 0.1% higher at $3,740.58/oz. Source: Dowjonesnewswires.com
The USD/JPY pair strengthened near 148.80 during the early Asian session on Thursday (September 25th). The US dollar (USD) strengthened near a three-week high against the Japanese yen (JPY) due to a renewed wave of risk aversion in financial markets and a cautious tone from the US central bank. Federal Reserve (Fed) Chairman Jerome Powell struck a cautious tone regarding further easing on Tuesday, supporting the greenback. Powell said the Fed needs to continue balancing the competing risks of high inflation and a weakening labor market in its upcoming interest rate decisions. He added that...
Oil prices rose about 3% to a seven-week high on Wednesday as a surprise drop in weekly US crude inventories heightened market concerns about tighter supplies amid export problems in Iraq, Venezuela, and Russia. Brent crude futures rose $1.68, or 2.5%, to $69.31 a barrel, while US West Texas Intermediate (WTI) crude futures rose $1.58, or 2.5%, to $64.99. These were the highest closes for Brent since August 1 and WTI since September 2. US crude inventories fell a surprise 607,000 barrels last week, according to the Energy Information Administration (EIA). The figure compared with analysts'...
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...