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 edged higher on Tuesday even as investors weighed the global supply outlook after Iraq and Kurdish regional governments reached a preliminary agreement to restart an oil pipeline. Brent crude futures rose 14 cents to $66.71 a barrel by 0919 GMT, while U.S. West Texas Intermediate crude gained 21 cents at $62.49 a barrel, both recouping modest earlier losses. Brent and WTI had fallen for the previous four sessions, dropping around 3%. "Supportive elements are still low OECD oil inventories," UBS analyst Giovanni Staunovo said. "On the other hand, higher crude exports from OPEC+...
The price of Loco Gold surged to a new high of $3,791 per troy ounce, reinforcing the bullish trend in gold that has been developing since the beginning of the quarter. This increase was driven not only by global sentiment but also by domestic factors in the United States, further strengthening gold's prospects as a primary hedge. Global Factors1. Expectations of a Fed Interest Rate Cut Global investors continue to anticipate further interest rate cuts from the Federal Reserve. Lower interest rates reduce the opportunity cost of holding gold, thus increasing investor interest in the...
Gold prices steadied on Tuesday after reaching a record high, underpinned by expectations of more U.S. rate cuts and a weaker dollar, as investors awaited Federal Reserve Chair Jerome Powell's speech for further policy cues. Spot gold was up 0.2% at $3,753.25 per ounce, as of 0604 GMT, after hitting a record high of $3,759.02 earlier in the session. U.S. gold futures for December delivery rose 0.3% to $3,787.40. The U.S. dollar index (.DXY), opens new tab extended its losses from the previous session, making greenback-priced gold cheaper for overseas buyers. "I think it's predominantly a...
Silver hovered just below $44 per ounce on Tuesday, staying close to 14-year highs as traders weighed the US Federal Reserve's policy outlook. Several Fed officials urged caution on further rate cuts, citing signs of stabilizing inflation, while new Governor Stephen Miran warned the central bank was misjudging policy tightness and risking the labor market without deeper easing. Markets now await Fed Chair Jerome Powell's remarks and Friday's PCE price index, the Fed's preferred inflation gauge, for clearer direction. Support also came from strong fundamentals, with tight supply underpinning...
The dollar index slipped below 97.3 on Tuesday, marking a second straight decline as traders parsed Federal Reserve commentary for signals on interest rates. Several officials urged caution before cutting further, noting inflation appeared to be stabilizing. In contrast, new Fed Governor Stephen Miran warned the central bank was misjudging policy tightness and risking the labor market without more aggressive easing. Attention now turns to Friday's PCE price index, the Fed's preferred inflation gauge, for fresh policy cues. On the political front, congressional budget negotiations this week...
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...