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 climbed on Monday as a softer dollar and renewed trade concerns, following U.S. Treasury Secretary Scott Bessent's reaffirmation of President Donald Trump's tariff threats, fuelled safe-haven demand. Spot gold was up 0.8% at $3,228.47 an ounce, as of 0632 GMT. U.S. gold futures gained 1.4% to $3,232.10. Gold shed more than 2% on Friday and posted its worst week since last November, as increased risk appetite from the U.S.-China trade agreement weighed. The dollar (.DXY), opens new tab slipped 0.5% on Monday, making greenback-priced gold cheaper for overseas currency...
The US dollar index fell slightly to around 100.7 on Monday, following a surprise downgrade of the US government's credit rating. Moody's Ratings announced late Friday that it had stripped the US of its top credit rating, lowering it to Aa1, due to concerns about the nation's growing $36 trillion debt, in a move that could complicate President Trump's efforts to cut taxes. Treasury Secretary Scott Bessent dismissed the cut's significance on Sunday, saying the administration would spur economic growth that would outpace the national debt. He also warned trade partners that they would face the...
The GBP/USD pair recovered from prior session losses, trading near the 1.3300 level during Asian session on Monday. The rebound is largely driven by renewed pressure on the US Dollar (USD) after Moody's Investors Service downgraded the US credit rating by one notch, from Aaa to Aa1. The agency cited escalating debt levels and a growing burden from interest payments as primary concerns. This move aligns with previous downgrades by Fitch Ratings in 2023 and Standard & Poor's in 2011. Moody's now forecasts US federal debt to rise to approximately 134% of GDP by 2035, up from 98% in 2023....
Oil prices ticked lower in Asian trading on Monday after weekly gains, as oversupply concerns persisted amid U.S.-Iran nuclear talks, while investors assessed Chinese factory data showing resilience despite the effect of U.S. tariffs. Investors were also cautious as the global ratings agency Moody's downgraded its investment grade rating on the U.S. As of 23:23 ET (03:23 GMT), Brent Oil Futures expiring in June inched 0.3% lower to $65.20 per barrel, while West Texas Intermediate (WTI) crude futures also fell 0.3% to $61.77 per barrel. Both contracts gained more than 1% last week, driven...
Silver price (XAG/USD) extends its losses for the second successive session, trading around $32.30 per troy ounce during the Asian hours on Monday. While silver prices have recently faced downward pressure, the downside may be limited due to rising demand for safe-haven assets, spurred by growing concerns over the US economic outlook and fiscal stability. Moody's has downgraded the US credit rating by one notch from Aaa to Aa1 citing surging debt levels and an increasing burden from interest payments. This follows similar downgrades by Fitch Ratings in 2023 and Standard & Poor's in...
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...