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 above $3,300 an ounce on Wednesday, recovering from earlier losses following the release of the latest FOMC minutes. At the June meeting, Fed officials differed on how quickly and aggressively to cut interest rates. While most predicted some rate cuts were likely this year, their views varied, ranging from calls for a rate cut in July to no rate cuts at all in 2025. The Fed kept its benchmark interest rate unchanged at 4.25%–4.5%, maintaining a cautious and data-driven stance amid mixed economic signals—tariff-driven inflation concerns, slowing consumer spending, and a...
Gold prices edged up on Wednesday (July 9) as investors monitored negotiations between the United States and its trading partners, while a stronger dollar limited further gains. Spot gold was up 0.3% at $3,309.24 an ounce at 11:59 a.m. ET (1559 GMT) after hitting its lowest level since June 30 the previous day. U.S. gold futures were steady at $3,318.10. Amid market volatility, fiscal concerns, and a widening U.S. deficit, investors are increasingly turning to gold, said Phillip Streible, chief market strategist at Blue Line Futures. On the trade front, the European Union said it is...
Oil prices fluctuated as traders weighed a large increase in US crude stockpiles against renewed US efforts to restrict Iranian crude exports. West Texas Intermediate crude prices fluctuated between gains and losses, trading above $68 per barrel, after two days of gains. US crude oil stocks rose by 7.1 million barrels last week, the largest increase since January, according to the Energy Information Administration (EIA) on Wednesday. At the same time, the US Treasury Department imposed sanctions on 22 foreign entities for their role in facilitating Iranian oil sales. "Despite the...
Currency markets have slipped into a mid-week lull by the look of things this morning. The US Dollar (USD) is little changed in broad terms and the core majors are narrowly mixed, with minor losses for the CAD and EUR against minor gains for the AUD, GBP, NZD (despite a 'dovish hold' decision by the RBNZ) and SEK, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note. USD idles US yields slip off yesterday's peaks"The MXN is the top-performing major currency with an intraday gain of less than 0.1%. Stocks are in a positive mood (amid signs that EU/US trade talk are...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC) Meeting Minutes. The US Dollar Index (DXY) is rising to its highest level in two weeks, pushing XAU/USD below $3,300 at the time of writing. The upcoming release of the FOMC Minutes from the June meeting is expected to shed light on the Fed's internal debate over the path of monetary policy. In June, the central bank opted to maintain its benchmark interest rate at 4.25% to 4.50%, citing a...
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...