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 are mixed in early Asian trade amid possible position adjustments. U.S. President Trump's remark that he preferred low oil prices over sanctions on Russia has eased worries over supply disruptions, ANZ Research analysts say in a research report. Trump told reporters that "if we get oil down, the war ends," a sign that he wants to limit the revenue which Russia is receiving from the oil industry to support its war with Ukraine, the analysts add. Front-month WTI crude oil futures are 0.1% lower at $63.51/bbl; front-month Brent crude oil futures are little changed at...
Gold edges lower in the early Asian session amid a cautious mood. The market still sees a high probability of another 25bps rate cut by the Fed in October, but the central bank's guidance leaned slightly hawkish, Sky Links Capital Group's Daniel Takieddine says in an email. Fed officials seem reluctant to fully endorse deeper easing, with the FOMC meeting's outcome leaving the precious metal sensitive to coming economic data, the co-founder and CEO adds. Spot gold is 0.1% lower at $3,638.75/oz. Source: Dow Jones Newswires
Oil prices weakened on Thursday (September 19), closing lower as traders remained concerned about the US economic outlook a day after the US Federal Reserve cut interest rates for the first time this year. Brent crude futures fell 51 cents, or 0.8%, to $67.44. US West Texas Intermediate (WTI) crude fell 48 cents, or 0.8%, to $63.57. The Fed cut its benchmark interest rate by a quarter of a percentage point on Wednesday and indicated it would continue lowering borrowing costs for the rest of the year, responding to signs of weakness in the labor market. Lower borrowing costs typically boost...
Gold prices fell on Thursday (September 19) amid profit-taking, after the yellow metal hit a record high in the previous session, as markets assessed the Federal Reserve's stance on further interest rate cuts. Spot gold fell 0.4% to $3,643.40 an ounce at 1:51 PM EDT (5:51 PM GMT). U.S. gold futures for December delivery closed 1.1% lower at $3,678.30. The previous session saw volatile trading, with spot prices briefly touching a record high of $3,707.40 before retreating. The U.S. dollar index strengthened 0.5%, making dollar-priced commodities more expensive for holders of other...
Oil prices were little changed on Thursday as traders weighed the start of looser monetary policy after the US Federal Reserve cut interest rates amid concerns about the US economy. Brent crude futures rose 23 cents, or 0.3%, to $68.18 a barrel at 10:50 a.m. EDT (14:50 GMT), while US West Texas Intermediate (WTI) crude rose 23 cents, or 0.4%, to $64.28. The Fed cut its benchmark interest rate by a quarter of a percentage point on Wednesday and indicated it would continue lowering borrowing costs for the rest of the year, responding to signs of weakness in the labor market. Lower borrowing...
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...