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...
Gold prices rose 1% on Friday and were on track for their best week in six, boosted by a weaker dollar and as worries over the United States' worsening fiscal health sent investors towards safe-haven bullion. Spot gold was up 1% at $3,325.47 an ounce as of 1119 GMT. Bullion has risen 4% this week, its highest since April 7. President Donald Trump's tax bill is supporting gold as there are concerns that this is negative for the fiscal situation of the dollar and some investors are diversifying out of treasury into gold, UBS analyst Giovanni Staunovo said. "We have also seen the 30-year...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, dips further on Friday and erases the previous day's recovery, trading near 99.40 at the time of writing. The fresh leg lower comes after the House of Representatives passed United States (US) President Donald Trump's spending bill, now on its way to the Senate. The nonpartisan Congressional Budget Office revealed that this "big, beautiful bill" comes with a hefty price tag: $3.8 trillion in additional debt to the federal government's $36.2 trillion over the next decade, according...
Oil prices dropped for a fourth consecutive session on Friday and were set for their first weekly decline in three weeks, weighed down by rising expectations of another large OPEC+ output increase for July. Brent futures fell 22 cents, or 0.3%, to $64.22 a barrel by 0919 GMT. U.S. West Texas Intermediate crude futures lost 21 cents, or 0.3%, to $60.99. Both contracts are set to lose about 2% on the week following two weeks of gains. OPEC+ which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, is holding meetings next week expected to yield another...
The Pound Sterling (GBP) posts a fresh three-year high near 1.3500 against the US Dollar (USD) in European trading hours on Friday, following the release of the stronger-than-projected United Kingdom (UK) Retail Sales data for April. The Office for National Statistics (ONS) reported that Retail Sales, a key measure of consumer spending, rose at a robust pace of 1.2% on the month, compared to estimates of 0.2% and the 0.1% growth seen in March, revised lower from 0.4%. On year, the consumer spending measure grew by 5%, faster than expectations of 4.5% and the prior release of...
Gold (XAU/USD) price extends its weekly gains, trading near $3,330 at the time of writing on Friday, up nearly 1% on the day, on a new tailwind for the safe haven precious metal. The spending bill from United States (US) President Donald Trump passed through the House of Representatives on Thursday and is now on its way to the Senate. Traders are worried that the spending bill will only add more US debt, while income from tariffs remains to be seen as enough to provide funding for all the spending. The best place to track these concerns is the US 30-year benchmark rate. Yields in that...
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...