As inflation misses goal, Fed's Evans calls for gradual rate hikes

As inflation misses goal, Fed's Evans calls for gradual rate hikes

The dollar was subdued after USA homebuilding fell for a third month in May to the lowest in eight months and a barometer of US consumer sentiment unexpectedly fell in early June, prompting concerns about the Federal Reserve's plans to stick with its monetary policy tightening.

In remarks made at a roundtable discussion in Pittsburgh, William Dudley reportedly said he expected wage growth to kick-in as the jobs market continued to tighten, pushing inflation towards the Fed's target.

World stock markets climbed on Monday as technology and retail stocks rebounded from recent weakness and U.S. Treasury yields rose in the wake of hawkish comments from a Federal Reserve official.

Repeating much of a similar talk he gave in May, Evans said that while the Fed had essentially achieved its goal of full employment, it has had a "serious policy outcome miss" on its other goal of 2-percent inflation.

With inflation stubbornly soft despite a 16-year low in the US unemployment rate, the Federal Reserve should move only slowly to raise interest rates and trim its massive bond portfolio, Chicago Fed President Charles Evans said Monday. "With buying interest returning to technology shares in the USA, it's likely for Japanese counterparts to attract investors, while higher yields should boost financial stocks".

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The dollar added 0.1 percent to 111.01 yen (JPY=), after touching a two-week high on Friday. It hit a low of $16.575 during the session, its weakest since May 19. The central bank has already raised rates twice this year. Monday's data from the Australian Bureau of Statistics showed national sales rose a seasonally adjusted 2.9 percent in May, from April when they edged up 0.3 percent.

US stocks rose on Monday, with the S&P 500 and the Dow Jones Industrial Average hitting record highs helped by a technology sector rebound and strength in healthcare and financial stocks.

Oil prices were flat on Monday after diving 13 percent since late May as rising production in the United States, Libya and Nigeria have foiled an OPEC-led effort to support the market by cutting production.

Spot gold was down 0.7 percent at $1,244.85 an ounce by 2:35 p.m. EDT (1835 GMT), after falling below the 100-day moving average to $1,244.27, its lowest since May 17. USA gold futures fell 0.4 percent to $1,251.6. BrentLCOcv1 settled 1 percent lower at $46.91.

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