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...
Oil prices continued to fall after U.S. President Donald Trump and his counterpart Vladimir Putin agreed to talks to end the war in Ukraine, raising speculation that risks to Russian supplies could be easing. Brent fell below $75 a barrel after dropping 2.4% on Wednesday, its biggest drop in more than two months, while West Texas Intermediate neared $71. Trump said negotiations would begin soon, and that he might meet Putin in Saudi Arabia "very soon," according to a social media post. "I'm much more skeptical that negotiations will happen sooner rather than later," said Wayne Gordon,...
GBP/USD extends its winning streak for the third consecutive day, trading around 1.2460 during Thursday's Asian session. Traders await the UK's preliminary Gross Domestic Product (GDP) data due later in the day. Economists expect a contraction in Q4 GDP, though the economy is projected to expand on an annual basis. The outlook for the British economy remains uncertain, with Bank of England (BoE) Monetary Policy Committee (MPC) member Catherine Mann expressing concerns over weakening demand in the United Kingdom (UK) and the need for accommodative financial conditions. Earlier this week,...
The Australian Dollar (AUD) continues to decline against the US Dollar (USD) on Thursday, struggling despite a rise in Australia's Consumer Inflation Expectations, which increased to 4.6% in February from 4.0% previously. The AUD/USD pair remains under pressure due to US President Donald Trump's 25% tariff hike and Federal Reserve Chair Jerome Powell's signal that the central bank is in no rush to cut interest rates further. Adding to the strain, Trump's trade adviser, Peter Navarro, criticized Australia on Tuesday, accusing it of "killing the aluminum market" just a day after Trump signed...
The Japanese Yen (JPY) attracts some buyers following the release of stronger-than-expected Japan's Producer Price Index (PPI) on Thursday, which reaffirms bets that the Bank of Japan (BoJ) will hike rates further. The market reaction, however, turns out to be short-lived amid concerns about the implications of US President Donald Trump's tariffs on steel and aluminum imports, and impending reciprocal tariffs. This assists the USD/JPY pair to hold above the 154.00 mark during the Asian session and remain close to over a one-week high touched the previous day. Meanwhile, Federal Reserve...
Silver price (XAG/USD) edges higher to $32.25 during the Asian trading hours on Thursday. Trade war concerns drive the safe-haven demand, supporting the white metal. Traders await the US weekly Initial Jobless Claims and Producer Price Index (PPI), which are due later on Thursday. US President Donald Trump on Monday imposed a 25% tariff on all steel and aluminum imports into the United States (US) with no exceptions or exemptions. The White House said late Wednesday that Trump could announce his reciprocal tariff plan on Thursday. Trump recently said he planned to slap reciprocal tariffs...
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...