Markets are kicking around the idea of a Federal Reserve rate cut in September, but Morgan Stanley isn't sure, warning that the odds may be closer to 50-50 despite widespread expectations. Strong economic indicators including solid GDP growth, healthy financial conditions, and low volatility stand in the way of a clear case for easing, the bank said in a recent report. Nominal GDP growth remains robust at over 5%, unemployment holds steady at 4.2%, and retail sales continue surpassing expectations, reflecting an economy far from needing stimulus, Morgan Stanley's economists said. "It cannot...
Gold price attracts some buyers on Tuesday. The precious metal edges higher amid concerns about the US Federal Reserve's independence after the report that US President Donald Trump says he is removing Fed Governor Lisa Cook. Spot Gold trades near its Friday peak at $3,378.91, consolidating gains yet confined to a tight intraday range at the beginning of the week. The US Dollar (USD) posted a modest intraday advance at the beginning of the day, a corrective advance that followed last week's sell-off. Still, the American currency had little scope for a steady advance following the United...
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...
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...