The White House's Assault on the Fed Is Self-Defeating
This effort to undermine Powell is both baseless and bewildering — baseless because the complaints don't stand up, bewildering because, if anything, they make it harder for the Fed to deliver what the president most wants: a lower cost of borrowing.
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Yahoo
28 minutes ago
- Yahoo
Gold Eases After Trump Downplays Clash With Fed Chair Powell
(Bloomberg) -- Gold extended a decline on Friday as the dollar rose after Donald Trump downplayed his clash with Federal Reserve Chairman Jerome Powell, easing concerns around the central bank's independence. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Bullion traded near $3,341 an ounce, while a gauge of the greenback rose 0.3%. Trump maintained on Thursday that there was 'no tension' with the Fed chief and indicated that problems with renovations of the Fed headquarters probably weren't reason enough to fire the central bank head. A stronger greenback makes gold more expensive for many buyers. Gold was further hit by a jobs data on Thursday which showed applications for US unemployment benefits fell for a sixth straight week — the longest stretch of declines since 2022. Treasury yields rose, weighing on non-interest bearing gold, as swap traders pared bets on Fed rate cuts. Less than two reductions are now projected this year, with the first full cut expected in October. Gold is up more than 27% this year, as uncertainty around Trump's aggressive attempts to reshape global trade and conflicts in Ukraine and the Middle East sparked a flight into havens. Still, the precious metal has been trading within a tight range over the past few months after spiking to an all-time high above $3,500 an ounce in April, with investors growing more confident about risk assets in recent weeks following progress in US trade negotiations. Spot gold was down 0.8% to $3,341.53 an ounce at 12:19 p.m. in London, with prices down 0.2% so far this week. The Bloomberg Dollar Spot Index added 0.4%. Silver, platinum and palladium all fell. --With assistance from Jack Ryan and Laura Avetisyan. Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
39 minutes ago
- Yahoo
Gold slides as safe-haven demand eases
Gold (GC=F) Gold prices edged lower on Friday morning as renewed optimism over trade negotiations between the United States and key partners, including the European Union, diminished bullion's traditional appeal as a safe-haven asset. Gold futures were down 0.5% to $3,356.10 per ounce, at the time of writing, while spot gold lost 0.3% to $3,360.13 per ounce. 'Basically we are seeing some profit-taking from short-term bullish speculators due to the fact that we now start to see this trade-deal optimism in the market,' OANDA senior market analyst Kelvin Wong said. Investor appetite for riskier assets increased following reports that Washington and Brussels were moving closer to a trade agreement. The deal under discussion could include a baseline 15% US tariff on EU goods, with certain exemptions. The development follows the recent unveiling of a separate trade agreement between the US and Japan. Read more: FTSE 100 LIVE: Markets lower as June heatwave boosts UK retail sales Despite the downward pressure, Wong noted that certain macroeconomic factors continued to lend support to the precious metal. 'The dollar is in a weakening bias and on top of that, we still have the Fed rate cuts pretty much alive at this juncture, which are supporting gold near $3,360 level,' he said. In a surprise move, US president Donald Trump is expected to visit the Federal Reserve later on Friday, adding an element of uncertainty to the US policy outlook. The visit comes amid his repeated criticism of Fed chair Jerome Powell for not easing interest rates more aggressively. The Fed is widely anticipated to keep interest rates on hold at its 29–30 July meeting. However, markets continue to price in the possibility of a rate cut as early as September. Gold, often sought as a hedge during periods of economic uncertainty, tends to perform well in a low-interest rate environment. Nikos Tzabouras, senior market analyst at said: "Gold remains under pressure as risk-on sentiment prevails and the US dollar rebounds. Safe-haven demand fades due to increased trade optimism following the US-Japan deal, which is expected to reduce the impact of tariffs on both the global and US economies. This optimism along with strong US jobs data hurts the case for Federal Reserve rate cuts — a positive development for the greenback but a negative one for non-yielding assets such as gold. "However, the US dollar may face renewed headwinds due to concerns over fiscal policy and the Federal Reserve's independence. Moreover, gold's safe-haven appeal could quickly return, as trade tensions may persist in the lead-up to the 1 August deadline. In addition, continued central bank demand remains a structural driver supporting bullion." Oil (BZ=F, CL=F) Oil prices gained on Friday, buoyed by renewed optimism over US trade talks, which outweighed concerns over an expected uptick in Venezuelan crude supply. Brent (BZ=F) crude futures gained 0.7% to trade at $68.88 per barrel, at the time of writing, while West Texas Intermediate (CL=F) futures climbed by 0.8% to $66.55 a barrel. The prospect of further trade agreements between the US and its global partners, days ahead of the 1 August deadline for a new wave of tariffs, helped support sentiment in the oil market. Read more: NatWest beats on profits and announces £750m share buyback 'This has raised hopes that the US will soon reach a deal with the European Union as well, before the tariff deadline which expires in just over a week's time,' David Morrison, senior market analyst at Trade Nation said. The rise in oil prices was despite reports indicating Trump had allowed Chevron (CVX) to restart operations in Venezuela. 'This should see Venezuelan oil exports increase by a little more than 200,000 b/d, welcome news to US refiners that will ease some tightness in the heavier crude market,' Warren Patterson, head of commodities strategy at ING Group, said in a note. Pound (GBPUSD=X, GBPEUR=X) The pound weakened against both the dollar and the euro in early European trading on Friday after official data showed UK retail sales rose less than expected in June, raising questions about the strength of consumer spending ahead of the Bank of England's next policy meeting. Sterling was down 0.2% to $1.3480 at the time of writing, while also falling 0.3% against the euro to €1.1456. Figures released by the Office for National Statistics showed retail sales, a key indicator of household consumption, increased 0.9% month-on-month. That was below the 1.2% gain forecast by economists, though a marked improvement from May's 2.7% decline. On an annual basis, sales rose 1.7%, narrowly missing the expected 1.8%. Stocks: Create your watchlist and portfolio The data reinforced concerns that the UK consumer sector remains fragile, with growth still subdued despite easing inflation and slightly improved wage growth. Looking ahead, attention is shifting to the Bank of England's interest-rate decision at its August meeting. Markets will be closely watching for any signals on the future path of monetary policy, which could influence sterling's trajectory. The US dollar index ( which measures the greenback against a basket of six currencies, was higher at 97.50. In equities, the FTSE 100 (^FTSE) was in the red this morning, retreating 0.3% to 9,109 points. For more details, on market movements check our live coverage in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
an hour ago
- Newsweek
Donald Trump's Disapproval Rating Rises To New High
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Donald Trump's disapproval rating has climbed to its highest level since the start of his second term, according to new polling data. The most recent Wall Street Journal/ Fabrizio, Lee and Associates poll shows that Trump's disapproval rating has hit 52 percent, up from 51 percent in March, while his approval rating has remained the same at 46 percent. The survey was conducted between July 18-21 among 1,000 registered voters. In other polls conducted before the beginning of Trump's second term, his disapproval rating ranged from 46 to 51 percent. Meanwhile, Trump's personal favorability rating declined slightly, from 47 percent in March to 45 percent in July, and a majority of voters—52 percent—continue to view him unfavorably. With Trump's popularity declining, voter sentiment remains unsettled—especially on the economy, with most voters continuing to feel the financial strain of inflation and rejecting key elements of Trump's economic policy. This comes as inflation has begun to rise again, with the rate of annual price increases hitting 2.7 percent in June, up from 2.4 percent the previous month, according to the Consumer Price Index. At the same time, the president's economic approval rating remains stuck at 44 percent, unchanged since March. Disapproval has edged up slightly, from 52 percent to 53 percent. President Donald Trump departs following a visit to the Federal Reserve, Thursday, July 24, 2025, in Washington. President Donald Trump departs following a visit to the Federal Reserve, Thursday, July 24, 2025, in Washington. Julia Demaree Nikhinson/AP Signs of Recovery, But Financial Pressure Persists Nonetheless, public assessments of the economy have brightened. In July, 47 percent of Americans described the economy as strong—up from 36 percent in March. The share who called it weak fell from 63 percent to 51 percent. Perceptions of momentum have shifted too: 38 percent now say the economy is getting better, compared to just 26 percent in March, while fewer believe it's getting worse (46 percent, down from 52 percent). But those gains haven't translated into personal relief. A consistent 57 to 58 percent of voters say inflation and the cost of living are causing at least minor financial strain. Another 31 percent say it's not currently a problem, but could become one if prices rise further. Just 11 percent in July said it isn't a concern at all. Beyond inflation, Trump faces growing criticism over his tariff policies. Just 40 percent of voters approve of his approach to tariffs, while 57 percent disapprove. Opposition is widespread: 56 percent oppose tariffs on Mexico, and 53 percent reject tariffs on the European Union. The skepticism runs deeper than specific policies. Nearly half of voters (48 percent) say Trump's economic approach will cause more harm than good, and a majority (52 percent) believe he is not looking out for the middle class. Immigration Agenda Backfires The poll also shows that Trump's aggressive immigration policies may be undermining his own support. According to the poll, his approval on the issue stands at 48 percent, while 51 percent disapprove, giving him a net approval rating of -3 points. That is despite a historic drop in illegal border crossings in June—largely attributed to his expanded deportation efforts and new detention measures. But reports of aggressive enforcement tactics, mass raids, and expanded ICE detention facilities—including temporary camps dubbed "Alligator Alcatraz"—have sparked unease even among voters. According to the poll, a majority—51 percent—say his efforts to deport undocumented immigrants have gone too far. But when asked specifically about illegal immigration, views were slightly more favorable: 51 percent approve of how he's handled it, compared to 49 percent who disapprove. National Mood Still Downbeat Amid concerns about the economy and immigration, most Americans remain pessimistic about the country's trajectory. In July, just 39 percent said the U.S. is headed in the right direction, while 55 percent said it's on the wrong track—slightly worse than the 41/51 split seen in March. Meanwhile, Trump has seen his approval ratings dip to a second-term low nationwide. Newsweek's approval tracker currently places Trump at a net minus 10 rating, with 43 percent of Americans approving and 53 percent disapproving. It is one of his lowest net approval scores in recent weeks. The most recent Marquette University survey shows Trump at 45 percent approval and 55 percent disapproval, a net rating of -10, down two points from -8 in May. It is the lowest rating Marquette has recorded for Trump during his second term. Similarly, Navigator Research found his approval at 42 percent, with 54 percent disapproving, marking a net approval rating of -12—a four-point drop from June and also his worst rating from Navigator since returning to office. More dramatic declines appear in Gallup's latest polling, which shows Trump with just 37 percent approval and 58 percent disapproval—a net rating of -21, down from -17 last month. The Bullfinch Group also reports weakening support, with Trump now at 41 percent approval and 55 percent disapproval, a net rating of -14, down slightly from -13 in June.
