Federal Reserve Bank of New York President John Williams said Thursday that he sees lower risks to inflation as tariffs have driven up price pressures less than expected. "I see on the margin...a reduction of some of the upside risks to inflation" from tariffs, Williams told reporters after speaking at the Economic Club of New York. He noted this reduction comes alongside greater clarity about future economic policy. Williams acknowledged that President Donald Trump's import tax increases are "definitely" affecting price pressures, but added that in terms of tariff pass-throughs to higher...
Gold edged lower on Wednesday morning as the dollar strengthened, even amid concerns over US President Donald Trump's move to take over control of the Federal Reserve Board, which continues to encourage safe-haven asset purchases. December gold last traded down US$4.00 at US$3,429.00, down from its highest level since August 8. Trump said on Monday he would fire Federal Reserve Chair Lisa Cook, as he continues to pressure the central bank to lower interest rates despite rising inflation. Cook was appointed to the Fed Board by Joe Biden and is the first African-American woman to hold the...
Oil prices rose slightly on Wednesday morning after the United States imposed high secondary tariffs on India to curb Russian oil imports, despite a report showing a smaller-than-expected decline in U.S. crude inventories last week. West Texas Intermediate crude for October delivery last week rose US$0.24 to US$64.49 per barrel, while Brent crude for October rose US$0.20 to US$67.42. The Trump administration followed through on its threat to impose a 50% tariff on most U.S. imports from India to curb Russian oil imports. The tariffs took effect just after midnight on Wednesday, doubling...
Gold prices weakened on Wednesday (August 27th) as the dollar strengthened and some investors booked profits from the more than two-week peak reached in the previous session. Spot gold prices fell 0.3% to $3,382.31 per ounce, as of 08:11 GMT. US gold futures for December delivery fell 0.1% to $3,430.80. The dollar index rose about 0.4% against a basket of currencies, making dollar-priced bullion more expensive for holders of other currencies. "(Gold) prices move faster than an arrow, with the direction of movement determined by the dollar. The current weakness in gold prices is likely due...
The dollar strengthened against the euro and the pound sterling on Wednesday (August 27), but investor concerns over the Fed's independence persisted, potentially limiting the US currency's gains. The euro weakened about 0.4% to $1.1593 and the pound weakened 0.3% to $1.3441, giving back some of the gains sparked by Trump's announcement on Monday that he would fire Fed Chair Lisa Cook over alleged irregularities in obtaining mortgage loans. Cook's lawyer later said he would file a lawsuit to prevent her dismissal, potentially triggering a protracted legal battle. Trump's unprecedented...
Oil prices held steady on Wednesday (August 27th), after falling in the previous session, as investors monitored the latest developments in the Ukraine war and weighed industry reports showing a decline in US crude inventories. US special envoy Steve Witkoff said on Tuesday that he would meet with Ukrainian representatives in New York this week, adding that Washington was also negotiating with Russia to try to end the war. Brent crude futures fell 4 cents to $67.18 a barrel at 08:20 GMT, while West Texas Intermediate (WTI) crude futures fell 3 cents to $63.22. Both contracts fell more than...
President Donald Trump said he would fire Lisa Cook from the Federal Reserve's Board of Governors if she does not resign her post over mortgage-fraud accusations from a top...
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...