The Federal Reserve is expected to deliver its first interest-rate cut this year at its September 16-17 meeting, as it moves to counter a cooling labor market even as inflation remains above target. The anticipated quarter-point reduction may not satisfy President Donald Trump, who wants a bigger cut and has named his White House economic advisor, Stephen Miran, in time to be on the Fed Board at the September meeting, pending Senate confirmation. Here is a look at Fed officials' comments since their last policy meeting, sorting them under the labels "dove" and "hawk" as shorthand for their...
The US dollar index hovered around 99.4 on Friday, steadying after a volatile session as traders awaited the release of the PCE price index, the Federal Reserve's preferred measure of inflation. The report could offer early signals on whether tariffs are beginning to feed into price pressures, potentially influencing the Fed's next policy decision. On Thursday, government data confirmed the US economy contracted in the first quarter, marking the first negative growth reading in three years, further complicating the Fed's rate outlook. Meanwhile, San Francisco Fed's Mary Daly said the...
Oil prices were on track to end the week down more than 1% on Friday amid whipsawing tariff rulings in the U.S. and as the market braced for a potential OPEC+ output hike. Brent crude futures slipped 26 cents, or 0.41%, to $63.89 a barrel by 0104 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.44%, to $60.67 a barrel. The Brent July futures contract is due to expire on Friday. In the U.S., President Donald Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an...
Gold recovered some heavy losses sustained earlier this week, as markets were once again rattled by uncertainties around US President Donald Trump's global tariffs agenda and the strength of the US economy. The precious metal traded near $3,314 an ounce, following a gain of nearly 1% on Thursday after a federal appeals court offered Trump a temporary reprieve from a ruling threatening to throw out the bulk of his tariff agenda. A weakening dollar also helped, driven by growing fiscal risks and renewed political pressure on the Federal Reserve to lower interest rates. Disappointing...
Oil is on track for a second weekly decline ahead of an OPEC+ meeting on output policy that is expected to lead to another supply increase. West Texas Intermediate crude was steady below $61 a barrel after falling 1.5% on Thursday. Brent settled lower near $64. A subgroup led by Saudi Arabia will meet on Saturday to decide on July output levels, with talks earlier this week discussing a third straight supply increase. The faster-than-expected production increase by OPEC and its allies has raised concerns about a looming supply glut and helped drag oil prices lower. Concerns about a global...
The AUD/USD pair gains ground to near 0.6445 during the early Asian session on Friday. The US Dollar (USD) edges lower against the Australian Dollar (AUD) due to the resurgence of trade uncertainty and disappointing US economic data. The US April Personal Consumption Expenditures (PCE) Price Index report Will be in the spotlight later on Friday. A US federal court on Wednesday blocked US President Donald Trump's "Liberation Day" tariffs from going into effect. A federal trade court ruled Trump didn't have the authority to impose across-the-board duties on imports from nations that sell more...
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...