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Economic News and Analysis

The latest news and analysis about the health of the US economy.

Gold Edges Up Ahead of Key US Inflation Data That May Sway Fed

(Bloomberg) -- Gold inched higher to stay within a narrow trading range where it’s been for the past week, with investors looking ahead to US data that may offer clues on the Federal Reserve’s rate decision this month.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsAs Wars Rage, Cities Face a Dark New Era of Urban DestructionListen to the Here’s Why podcast on Apple, Spotify or anywhere you listen.US nonfarm payroll figures due later this week may influence

Bloomberg 2 hours ago

Fuel oil smuggling network rakes in $1 billion for Iran and its proxies

A sophisticated fuel oil smuggling network that some experts believe generates at least $1 billion a year for Iran and its proxies has flourished in Iraq since Prime Minister Mohammed Shia al-Sudani took office in 2022, five sources with knowledge of the matter told Reuters. The operation exploits a government policy under which Iraq allocates fuel oil to asphalt plants at heavily subsidised prices and involves a network of companies, groups and individuals in Iraq, Iran and Gulf states, according to the five people and three Western intelligence reports, two from August this year and one which was undated.

Oil prices nudge higher ahead of OPEC+ meeting

LONDON (Reuters) -Oil prices climbed nearly 1% on Tuesday, as traders awaited the outcome of an OPEC+ meeting later this week. Brent crude futures rose 66 cents, or 0.92%, to $72.49 a barrel by 0909 GMT, while U.S. West Texas Intermediate crude climbed 63 cents, or 0.93%, to $68.73. OPEC+ is likely to extend its latest round of output cuts until the end of the first quarter at its Dec. 5 meeting, according to sources.

More Rate Cuts Likely Needed ‘Over Time,’ Fed’s Williams Says

(Bloomberg) -- Federal Reserve Bank of New York President John Williams said officials will likely need to lower rates further to move policy to a neutral stance now that risks to inflation and employment have become more balanced. Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsAs Wars Rage, Cities Face a Dark New Era of Urban DestructionBut Williams stopped short of saying whether he would back a rate cut when policymakers gather later this month, adding

Fed Officials Keep Options Open for December Rate Decision

(Bloomberg) -- Three Federal Reserve officials on Monday made clear they expect the US central bank to continue cutting interest rates over the next year, but stopped short of saying they are committed to making the next reduction later this month.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsAs Wars Rage, Cities Face a Dark New Era of Urban DestructionListen to the Here’s Why podcast on Apple, Spotify or anywhere you listen.Fed Governor Christopher Walle

Fed's Williams eyes further cuts as price pressures cool further

Federal Reserve Bank of New York President John Williams said on Monday the U.S. central bank is likely to lower its interest rate target further over time as inflation pressures continue to cool. “Monetary policy remains in restrictive territory to support the sustainable return of inflation to our 2 percent goal,” Williams said in the text of a speech to be delivered before a gathering of the Queens Chamber of Commerce, held in New York.

A top Fed official leans toward December rate cut but says it depends on economic data

A top Federal Reserve official said Monday that he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but that evidence of persistent inflation before then could cause him to change that view. Speaking at George Washington University, Christopher Waller, a key member of the Fed's Board of Governors, said he was confident that inflation is headed lower and that the central bank will likely keep reducing its key rate, which affects many consumer and business loans. “At present, I lean toward supporting a cut to the policy rate at our December meeting," Waller said in his remarks to a conference held by the American Institute for Economic Research.

Fed's Waller says he is inclined to cut rates in December

Federal Reserve Governor Christopher Waller, whose views are often a bellwether for U.S. monetary policy, said on Monday that with inflation still forecast to fall to 2% he is inclined "at present" to support another interest rate cut later this month. The comments from a key US rate-setter led investors to boost expectations for a rate cut at the Fed's December 17-18 meeting to nearly 75%, and pushed down yields on the two-year Treasury note. "Policy is still restrictive enough that an additional cut at our next meeting will not dramatically change the stance of monetary policy and allow ample scope to later slow the pace of rate cuts, if needed, to maintain progress toward our inflation target," Waller told a central bank symposium organized by the American Institute for Economic Research.

Fed’s Bostic Keeping ‘Options Open’ for December Rate Decision

(Bloomberg) -- Federal Reserve Bank of Atlanta President Raphael Bostic said he’s undecided on whether an interest-rate cut is needed this month, but still believes officials should continue lowering rates over the coming months.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsAs Wars Rage, Cities Face a Dark New Era of Urban Destruction“The risks to achieving the committee’s dual mandates of maximum employment and price stability have shifted such that they

Fed's Bostic: Base case remains for inflation to continue falling

Atlanta Federal Reserve President Raphael Bostic said on Monday he has an open mind about whether to cut interest rates again at the Fed's December meeting, with upcoming data on jobs important in shaping the decision. "There is a lot of uncertainty," Bostic said in comments to reporters. In an essay also released on Monday, Bostic said his base case remains that inflation will continue to fall to the Fed's 2% target, though it remains an open question how far and how fast interest rates should be reduced to ensure that happens while avoiding any undue damage to the job market.

Trump's low oil price promise is a risk and a boon for emerging markets

Donald Trump has promised to "drill, baby, drill" to halve energy costs, a plan that sends shivers through the governments of emerging market oil producers anxious about dollar earnings and fills poorer importing countries with hope. In practical terms, Trump, the incoming president of the world's biggest oil producer, cannot fully control prices. The United States has limited influence over producer group OPEC+, the Organization of the Petroleum Exporting Countries and allies, and it does not have a state oil company Trump can order to increase output.