Stephen Miran, a Federal Reserve governor whose term ends at the end of January, said Thursday that he is looking for 150 basis points of interest-rate cuts this year to boost the U.S. labor market. Miran told Bloomberg Television's Surveillance program that Fed officials had room to further reduce rates given his view that underlying inflation was likely running at 2.3%. "I'm looking for about a point and a half of cuts. A lot of that is driven by my view of inflation," Miran said. "Underlying inflation is running within noise of our target, and that's a good indication of where overall...
The Federal Reserve's interest rate cut last week was not as dovish as some market participants seem to have expected, according to analysts at Yardeni Research. But in a note to clients, the analysts said that "relatively muted" gains in stocks after the Fed's decision was an indication that the move had already been priced in by markets. The Fed lowered its benchmark federal funds rate by 25 basis points to a target range of 4.00% to 4.25% last Wednesday, delivering its first rate reduction since December. Updated projections released after the meeting showed a majority of policymakers...
Reserve Bank of Australia (RBA) Governor Michele Bullock said that economic data since the August meeting has been slightly better than expected. Although inflation has fallen significantly and the labor market is approaching full capacity, Bullock emphasized that the bank will continue to monitor upcoming economic data. "We've made real progress in lowering inflation, but our job is to ensure it remains within the target range for a sustained period," she said.Bullock also noted that although labor market conditions have eased slightly, with a slight increase in the unemployment rate,...
The Bank of Japan (BoJ) announced on Friday that the board members decided to leave the short-term interest rate target unchanged in the range of 0.4%- 0.5% after concluding its two-day monetary policy review meeting. The decision matched the market expectations. The Japanese central bank maintained the pause in its rate-hiking cycle for the fourth consecutive meeting, following a 25 basis points (bps) hike in January. Source: FXstreet
The U.S. Federal Reserve on Wednesday stateside cut interest rates by a quarter point, bringing the overnight funds rate range between 4% and 4.25%. That move was fully priced in markets so traders got what they expected. It was a near-unanimous decision by the Fed. Only Stephen Miran, picked by U.S. President Donald Trump and confirmed to the Fed board just on Monday, dissented and voted for a half-point cut. Prior to the meeting, there was chatter that governors Michelle Bowman and Christopher Waller both of whom were also appointed by Trump might advocate for a larger cut. While Fed...
The Federal Reserve cut interest rates by a quarter percentage point on Wednesday and indicated it would continue lowering borrowing costs through the end of the year, as policymakers responded to signs of weakness in the labor market. The move received broad internal support, including from most of President Donald Trump's appointees to the central bank. Only Stephen Miran, who was sworn in as Fed chairman on Tuesday and is on leave as head of the White House Council of Economic Advisers, dissented from the half-percentage-point reduction in borrowing costs. This rate cut, along with...
Bank of Japan (BOJ) Governor Kazuo Ueda stated that achieving 2% inflation is getting closer, although real inflation remains low. Ueda emphasized that the BOJ will continue to raise interest rates...
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...