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...
The U.S. dollar traded largely unchanged Tuesday in volatile trading, after U.S. President Donald Trump announced he had fired Fed Governor Lisa Cook, in his latest assault on the U.S. central bank's independence. At 04:35 ET (08:35 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded basically flat at 98.320, recovering after falling as much as 0.4% after Trump;'s announcement. This followed the U.S. currency registering its biggest daily gain of the month on Monday. Fed independence in questionTrump said in the letter to Cook he was firing...
Oil prices fell 2% on Tuesday, erasing gains from the previous session, as investors watched developments around U.S. tariffs, the war in Ukraine and the potential disruption of Russian fuel supplies. Brent crude was down $1.58, or 2.3%, at $67.22 a barrel, a day after hitting its highest price since early August. West Texas Intermediate (WTI) crude lost $1.55, or about 2.4%, to $63.25. "Given the huge amount of uncertainties in the oil market caused by the Ukrainian conflict and the tariff war, investors will remain unwilling to commit themselves to either direction on a prolonged basis,"...
Gold prices hit a more than two-week high on Tuesday (August 26) after US President Donald Trump said he would fire Federal Reserve Chair Lisa Cook, a move widely seen as eroding the central bank's independence and undermining confidence in US assets. Spot gold rose 0.4% to $3,378.64 an ounce at 11:43 GMT, after hitting its highest since August 11 at $3,386.27 earlier in the session. US gold futures for December delivery rose 0.3% to $3,426. On Monday, Trump took the unprecedented action of firing Cook over claims of mortgage loan abuse. Some investors viewed Trump's move as an attempt to...
Oil prices fell after four days of gains as investors awaited clearer signals on supply while monitoring the broader market impact of President Donald Trump's move to try to oust the Federal Reserve chairman. Brent crude prices fell near $68 a barrel, though prices have largely held between $65 and $70 this month. Tuesday's decline in crude prices reflected broader risk-off sentiment in the market, as Trump seeks to oust Lisa Cook from the Fed. The Department of Homeland Security issued a notice on Monday doubling tariffs on all Indian imports, as the US seeks to punish the country for...
The dollar weakened against longer-dated U.S. Treasury bonds as President Donald Trump's attempt to oust Federal Reserve Chair Lisa Cook fueled concerns about the long-term outlook for inflation. The yield on the 30-year U.S. Treasury bond rose two basis points to 4.91% as the move against Cook fueled concerns that price pressures could intensify if Trump reshuffles the Fed's policymaking committee. The yield on the two-year Treasury bond fell on speculation of lower interest rates. The dollar weakened 0.2%, while S&P 500 futures fell 0.1%. Nvidia Corp. rose 0.4% in pre-market trading...
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...