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 rallied after its biggest weekly drop in six months, with safe-haven demand boosted by growing concerns about the US economic outlook and budget deficit. Bullion rose as much as 1.3% to around $3,245 an ounce in early Asian trade. That came after Moody's Ratings announced late Friday that it had downgraded the US government's main credit rating to Aa1 from Aaa. The agency blamed the inability of successive administrations to cut budget deficits. "While we acknowledge the significant strength of the US economy and finances, we believe this no longer fully offsets the deterioration in...
West Texas Intermediate (WTI) crude oil is trading around $62 on Friday ahead of the weekend, staging a modest rebound after snapping a two-day losing streak. The US Oil found renewed buying interest following a retest of the $55 support zone, where a potential double-bottom structure has formed on the daily chart. While the short-term technical picture has improved, macroeconomic and geopolitical headwinds, especially surrounding rising Organisation of the Petroleum Exporting Countries (OPEC+) output and the potential return of Iranian barrels, continue to weigh on sentiment. OPEC+ supply...
The dollar rose on Friday after the latest round of economic data showed a jump in import prices while consumer sentiment remained subdued, putting it on pace for a fourth straight weekly advance. The Labor Department said import prices gained 0.1% last month after dropping 0.4% in March as a jump in the cost of capital goods outweighed cheaper energy prices. Economists polled by Reuters had forecast import prices, which exclude tariffs, would decrease 0.4%. The dollar began to strengthen after a separate reading from the University of Michigan Surveys of Consumers showed its Consumer...
Gold (XAU/USD) continues to decline on Friday, falling toward $3,180 and marking a sharp weekly loss of over 4%, its biggest since November 2024. The precious metal has now shed over $300 from its record high of $3,500 set in April, as safe-haven demand weakens and technical selling accelerates. Risk sentiment improved this week after the United States (US) and China agreed to reduce tariffs for 90 days, while geopolitical tensions remained muted with India-Pakistan and Middle East risks stabilizing. After a period of conflicting reports and diplomatic deadlock, Ukrainian and Russian...
Oil prices edged up on Friday, heading for a second consecutive weekly gain on easing U.S.-China trade tensions, although the optimism was somewhat offset by higher supply expectations from Iran and OPEC+. Brent crude futures were up 29 cents, or 0.5%, at $64.82 per barrel at 1054 GMT, while U.S. West Texas Intermediate crude futures rose 27 cents, or 0.4%, to $61.89. Both contracts fell more than 2% in the previous session on the prospect of an Iranian nuclear deal, which could result in more barrels being released onto the global market. "The enthusiasm resulting from progress 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...