Gold Prices Fall as Dollar Strengthens Amid Uncertainty Around Powell - Jordan News
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Jordan Times
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- Jordan Times
US Fed's preferred inflation gauge ticks up more than expected
WASHINGTON — The US Federal Reserve's preferred inflation gauge picked up in June, government data showed Thursday, adding to signs that President Donald Trump's tariffs are filtering through to consumers. The personal consumption expenditures (PCE) price index climbed 2.6 per cent in June from a year ago, said the Commerce Department in a report. This was a pick-up from May's 2.4 per cent figure, and above the 2.5 per cent median forecast expected from economists surveyed by Dow Jones Newswires and The Wall Street Journal. Excluding the volatile food and energy sectors, the PCE price index held steady at 2.8 per cent last month, data showed. The figures came a day after the US central bank decided to hold off further interest rate cuts for a fifth consecutive policy meeting, citing somewhat elevated inflation and heightened uncertainty. Trump imposed wide-ranging tariffs on most trading partners after returning to the White House in January, alongside steeper rates on imports of steel, aluminum and autos. These duties, so far, have had a limited effect on inflation but Fed policymakers are waiting to see how they impact consumer prices via data from the summer months — given that they take time to filter through. The latest data could give the Fed further reason to stand pat on interest rates, as officials keep an eye on inflation, as long as the jobs market continues showing resilience. On Friday, Trump is set to implement a fresh set of tariff rates on dozens of economies, a move that analysts warn could further impact costs.
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- Ammon
Oil steady as market weighs Trump tariff threats, surprise US stockbuild
Ammon News - Oil prices steadied on Thursday as investors weighed the risk of supply shortages amid U.S. President Donald Trump's push for a swift resolution to the war in Ukraine through more tariffs, though a surprise build in U.S. crude stocks weighed on prices. Brent crude futures for September , set to expire on Thursday, fell 10 cents, or 0.1%, to $73.14 a barrel by 0345 GMT. The more active Brent October contract was down 14 cents, or 0.2%, at $72.33. U.S. West Texas Intermediate crude for September dropped 5 cents, or 0.1%, to $69.95 a barrel. Both benchmarks settled 1% higher on Wednesday. Trump said he would start imposing measures on Russia, including 100% secondary tariffs on its trading partners, if it did not make progress on ending the war within 10-12 days, moving up an earlier 50-day deadline. On Wednesday, the U.S. Treasury Department announced fresh sanctions on over 115 Iran-linked individuals, entities and vessels, in a sign the Trump administration is doubling down on its "maximum pressure" campaign after bombing Tehran's key nuclear sites in June. Meanwhile, U.S. crude oil inventories rose by 7.7 million barrels in the week ending July 25 to 426.7 million barrels, driven by lower exports, the Energy Information Administration said on Wednesday. Analysts had expected a 1.3 million-barrel draw. Gasoline stocks fell by 2.7 million barrels to 228.4 million barrels, far exceeding forecasts for a 600,000-barrel draw. Reuters
Roya News
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- Roya News
Trump says imposing 25% tariff on Indian imports
US President Donald Trump announced Wednesday that Indian imports will face 25 percent tariffs to counter the country's "obnoxious" trade policies, while adding a "penalty" for its purchases of Russian weapons and energy. The measures will kick in on Friday, Trump posted on his Truth Social platform.
