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 edged up to around $3,330 per ounce on Friday, heading for a weekly advance as concerns over the US fiscal deficit and lingering tariff uncertainty boosted the metal's safe-haven appeal. On Thursday, the House approved President Donald Trump's massive package of tax and spending cuts, which is expected to add more than $3 trillion to the country's deficit over the next decade. Meanwhile, Trump said he would begin sending letters to countries on Friday specifying what tariff rates they will face on imports to the US—a clear shift from earlier pledges to negotiate individual...
Gold edges higher in the early Asian session amid U.S. fiscal-deficit concerns that typically enhance the safe-haven appeal of the precious metal. The House of Representatives narrowly passed President Trump's "big, beautiful" tax and spending megabill on Thursday. "After factoring in the additional revenues from new tariffs, it appears that the budget deficit will remain close to 6% of GDP for the next few years," Capital Economics' Paul Ashworth says in a commentary. "The Federal debt is undoubtedly on an unsustainable path," the chief North America economist adds. Spot gold is 0.2%...
The euro weakened against the US dollar on Thursday following the release of June employment figures in the United States (US), which showed why the Federal Reserve (Fed) is not ready to ease borrowing costs. At the time of writing, EUR/USD was trading at 1.1744, down 0.45%. The Nonfarm Payrolls (NFP) report took center stage on Thursday, as it dropped in the shortened week for the US Independence Day. The data dashed investor expectations for a rate cut, beating estimates and May's figures. Additional metrics showed that the Unemployment Rate fell and Average Hourly Earnings held...
Oil prices fell slightly on Thursday as investors worried that U.S. tariffs could slow energy demand ahead of expected supply increases by major crude producers. Brent crude futures settled 31 cents, or 0.45%, lower at $68.80 a barrel. U.S. West Texas Intermediate crude fell 45 cents, or 0.67%, to $67 in thin trading ahead of the Independence Day holiday. President Donald Trump's 90-day pause on higher U.S. tariffs expired on July 9, and several major trading partners have yet to reach a trade deal, including the European Union and Japan. Oil traders are concerned about the impact on the...
Gold prices fell 0.80% on Thursday (03/07) as a strong US Nonfarm Payrolls report strengthened the US Dollar, leading market participants to believe that the Fed is unlikely to cut interest rates at its July meeting. At the time of writing, XAU/USD was trading at $3,332, having hit an intraday high of $3,365. The US June jobs report beat estimates and also surpassed May's reading. It is worth noting that the Unemployment Rate fell close to the 4% threshold, indicating that the labor market remains solid. The data called into question Wednesday's ADP National Employment Change report, which...
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...