Closing post
Time to wrap up.
Donald Trump has intensified his call for cuts to US borrowing costs, urging the Federal Reserve to lower interest rates by a full percentage point.
Trump pushed for a cut after the latest jobs report, showing that the US added 139,000 new jobs in May, more than expected.
Stocks rallied in New York after the jobs report was released.
The price of silver has hit a 13-year high….
Russia’s central bank surprised the markets today, by cutting its key interest rate by a full percentage point.
The Bank of Russia lowered rates from 21% to 20%, citing easing inflationary pressure.
It explained:
“Current inflationary pressures, including underlying ones, continue to decline. While domestic demand growth is still outstripping the capabilities to expand the supply of goods and services, the Russian economy is gradually returning to a balanced growth path.”
At a press conference following the decision Governor Elvira Nabiullina dismissed a suggestion that the regulator had given in to political pressure to reduce rates.
