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 strengthened slightly on Wednesday (July 16th) as the dollar weakened after a report showed US wholesale prices remained stable last month. Gold for August delivery last traded up US$5.00 to US$3,341.70 per ounce. The US Bureau of Labor Statistics reported the Producer Price Index (PPI) was unchanged in June compared to the previous month, while the consensus estimate was for a monthly increase of 0.2%, according to Marketwatch. The Core PPI, which excludes volatile items, was also unchanged, again lower than the consensus for a monthly increase of 0.2%. This data follows the release...
Oil prices fell about 1% on Wednesday (July 16), as signs of rising Chinese crude consumption were offset by investor caution about the broader economic impact of U.S. tariffs. Prices have fluctuated within a tight range, as signs of steady demand from increased travel during the Northern Hemisphere summer season have competed with concerns that U.S. tariffs on trading partners will slow economic growth and fuel consumption. Brent crude futures fell 63 cents, or 0.9%, to $68.08 a barrel at 11:50 GMT. U.S. West Texas Intermediate crude futures fell 69 cents, or 1%, to $65.83. U.S. President...
Gold strengthened on Wednesday (July 16th) on a weaker dollar, while investors awaited further clarity on trade talks between the US and its trading partners, with fresh inflation data due to provide further direction on the US Federal Reserve's policy outlook. Spot gold rose 0.6% to $3,341.29 per ounce, as of 09:10 GMT. US gold futures edged up 0.3% to $3,348.20. The US dollar (.DXY), opens a new tab, fell 0.1%, making gold cheaper for buyers holding other currencies. "The dollar is currently weakening ahead of the US PPI data as traders are taking a cautious stance after the recent...
Oil prices were steady on Wednesday (July 16), as signs of rising Chinese crude consumption were offset by investor caution about the broader economic impact of US tariffs. Prices have fluctuated within a tight range, as signs of steady demand from increased travel during the Northern Hemisphere summer season have competed with concerns that US tariffs on trading partners will slow economic growth and fuel consumption. Brent crude futures fell 17 cents, or 0.3%, to $68.54 a barrel at 08:44 GMT. US West Texas Intermediate crude futures fell 11 cents, or 0.2%, to $66.41. US President Donald...
The pound (GBP) attracted buying interest against other major currencies on Wednesday (July 16th) following the release of higher-than-expected UK Consumer Price Index (CPI) data for June. The Office for National Statistics (ONS) reported that headline inflation rose to 3.6% year-on-year, the highest level since January 2024. Economists had expected a steady 3.4% growth. Core CPI – which excludes volatile items such as food, energy, alcohol, and tobacco – rose 3.7%, faster than expectations and the previous figure of 3.5%. On a monthly basis, headline CPI grew by 0.3%, also faster than...
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...