Thomas Barkin News

inflation to its 2% target may take longer than expected to complete and limit how far interest rates can be cut, Richmond Federal Reserve President Thomas Barkin said on Wednesday. In an interview with Reuters, Barkin said he supported the half-percentage-point rate cut the Fed approved last month and agreed the benchmark rate could fall perhaps by another half a percentage point by the end of this year to take account of how far inflation has declined.

Federal Reserve officials on Wednesday pointed to the large policy uncertainty around tariffs and other issues arising from the early days of President Donald Trump's administration as among the top challenges in figuring out where to take U.S. monetary policy in the months ahead. Chicago Fed President Austan Goolsbee warned that ignoring the potential inflationary impact of tariffs would be a mistake, whereas Richmond Fed President Thomas Barkin said it remains impossible at this early stage to know where cost increases from any tariffs might be absorbed or passed along to consumers. The views of the two U.S. central bankers were emblematic of the cautious approach Fed officials are angling to take in deciding whether to resume interest rate cuts later this year or continue to keep them on hold. The Fed left its benchmark interest rate unchanged last week in the 4.25%-4.50% range after cutting it at three straight meetings to close out 2024. The U.S. economy is strong, the labor market is «plausibly» at full employment, and inflation has come down and is approaching the Fed's 2% goal, Goolsbee said in remarks prepared for delivery to the Chicago Fed's annual auto symposium in Detroit.

Wall Street index S&P 500 and Nasdaq will look to keep up the momentum. There is an important event coming up in the month of January as Donald Trump is scheduled to take charge of the US Presidency.

The world’s largest technology companies dragged down stocks after rally that put the market on the brink of its all-time highs, with Nvidia Corp.’s earnings due in just a few days.

Wellington-Altus Private Wealth chief market strategist Jim Thorne argues the Fed must quickly get inflation to its neutral rate on Making Money.

Bitcoin (BTC) halted its decline and regained traction, rising above $67,000 and reaching an intraday high of $67,600.

U.S. Federal Reserve good news on two fronts but policymakers haven't openly shifted views yet about the timing of rate cuts investors are convinced will start this year. Comments from Fed officials including the vice chair of the rate-setting Federal Open Market Committee, New York Fed President John Williams, acknowledged the positive turn this week when U.S. government agencies reported that consumer prices rose more slowly than expected in April, and that retail spending had not increased at all during the month in a possible sign consumers are pulling back.

Gold and silver prices today on 07-05-2024: Check latest rates in your city On Monday, spot gold prices gained almost 1% on Monday amid softer dollar and decline in US treasury yields. Friday’s weaker than expected US jobs report fueled expectation of potential rate cuts later this year. Further, safe haven buying due to the ongoing tension in the Middle East also supported the bullions to trade higher.

U.S. stock indexes closed higher on Monday, their third straight session of advances, as investors continued to gain hope that there was a greater chance of the Federal Reserve cutting interest rates this year. Expectations for rate cuts by the U.S. central bank have been tempered as the year has progressed, as inflation has proven stickier, and some investors had begun to worry they might not materialize at all, sending markets lower in April.

Stocks made small gains in holiday-thinned trading as traders turned their attention to a line-up of central bank speeches this week. 

Interest rate-sensitive megacaps gave the tech-heavy Nasdaq a decisive edge. The S&P 500 also closed in positive territory, while the Dow ended essentially unchanged.

Federal Reserve officials took a cautious approach in comments on the outlook for interest rate cuts, and investors braced for Friday's U.S. monthly jobs report. Investors also digested comments from U.S. President Joe Biden, who called for an immediate ceasefire in a call with Israel Prime Minister Benjamin Netanyahu over the Gaza war. Oil prices climbed amid the geopolitical tensions.

Investing.com — It’s set to be a busy week in in markets with Friday’s U.S. jobs report, testimony by Federal Reserve Chairman Jerome Powell and a European Central Bank policy meeting the main highligts. Here’s what you need to know to start your week.

By Amruta Khandekar and Johann M Cherian

Gold prices edged up on Thursday supported by safe-haven demand amid rising geopolitical tensions in the Middle East and a softer dollar, while minutes of the latest U.S. Federal Reserve meeting dampened hopes for an early interest rate cut. FUNDAMENTALS

Investing.com -- U.S. stock futures hovered around both sides of the flatline on Friday.

Investing.com -- U.S. stock futures pointed to a mixed opening on Wall Street after equities advanced in the prior session. Coinbase (NASDAQ:COIN) reports better-than-anticipated earnings in the fourth quarter thanks to a jump in activity on the crypto exchange following the approval of exchange-traded funds tracking the spot price of Bitcoin. Meanwhile, Jeff Bezos sells a further $2 billion in Amazon (NASDAQ:AMZN) shares and Nike (NYSE:NKE) reportedly plans to lay off 2% of its workforce.

Stocks on Wall Street closed higher on Friday to notch another winning week as the S&P 500 ended above the key 5,000-point level for the first time ever amid an ongoing rally in mega-cap tech shares.

Investing.com — Tuesday’s U.S. inflation figures will be in focus as markets look for clues on the timing of interest rate cuts from the Federal Reserve. Earnings season continues, oil prices look set to remain choppy, while the UK and Japan are to release what will be closely watched economic data. Here’s what you need to know to start your week.

Federal Reserve Bank of Richmond President Thomas Barkin said a soft landing for the US economy is looking more likely but hardly certain, noting he’d need more conviction about the path of inflation before supporting a rate cut. “A soft landing is increasingly conceivable but in no way inevitable," Barkin, who will vote on policy decisions this year, said in a speech Wednesday.

Wall Street strategists express caution, noting that despite market optimism, immediate risk cuts are not likely.