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...
The US Dollar rally against the Swiss franc was capped at 0.7970 on Monday, and the pair retreated to levels right below 0.7945 as market sentiment deteriorated during the European Session, with all eyes on a slew of Fed speakers due later today. Five Fed Governors are scheduled to give further details about the bank´s monetary policy plans. The main focus will be on the newest member, Stephen Miran, who is expected to delve into the reasons that prompted him to dissent from the committee and vote for a 50 basis points rate cut last week. These speeches will frame the Chairman Powell's...
Oil rose Monday, bouncing from the previous losing week as traders weighed the potential impact of fresh European Union measures aimed at curbing Russia's energy revenues and a series of Ukrainian strikes on energy infrastructure. Brent Oil Futures expiring in November rose 0.2% to $66.79 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.3% to $62.56 per barrel. Brent futures slipped nearly 0.5% last week amid pressure from President Donald Trump to push prices lower. EU sanctions pressure mountsThe European Commission on Friday proposed its 19th package of sanctions...
Gold (XAU/USD) sticks to its strong intraday gains comfortably above the $3,700 mark, or a record high, through the first half of the European session on Monday and seems poised to appreciate further amid a supportive fundamental backdrop. The US Federal Reserve's (Fed) dovish signal, indicating that two more rate cuts would follow through the end of this year, keeps a lid on the recent US Dollar (USD) recovery from a multi-year low and acts as a tailwind for the non-yielding yellow metal. Apart from this, geopolitical risks stemming from the intensifying Russia-Ukraine war turn out to be...
The dollar was steady on Monday as traders looked ahead to a slew of speeches from Federal Reserve officials throughout the week that could provide further clues on the U.S. rate outlook, after the central bank resumed its easing cycle last week. Currency moves in the early Asia session were more subdued after a volatile ride last week following a raft of rate decisions including that of the Fed, the Bank of England (BoE) and the Bank of Japan (BOJ). The yen was last 0.16% lower at 148.22 per dollar, paring its gains from Friday after a hawkish shift in the BOJ's rhetoric raised the...
Gold held a fifth weekly advance, boosted by the Federal Reserve's first rate cut of the year, with investors looking to a key inflation print due Friday for more clues about the US central bank's monetary path. Bullion was trading around $20 an ounce short of a record high set last week, after the Fed reduced rates by 25 basis points on Wednesday. Prices then retreated from the all-time high after Chair Jerome Powell indicated officials would take a "meeting-by-meeting" approach to future decisions, curbing expectations for rapid easing. Lower rates benefit non-interest bearing...
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...