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Gold Retreats From Record High With Fed, Haven Demand in Focus

(Bloomberg) -- Gold retreated as investors took profits after another record-breaking session, with prices still supported by growing optimism over the timing of the next Federal Reserve rate cut and increasing haven demand.Most Read from BloombergNYC’s Congestion Pricing Pulls In $48.6 Million in First MonthNYC to Shut Migrant Center in Former Hotel as Crisis EasesDC Mayor Re-ups Call for Statehood as Trump Threatens TakeoverThe Trump Administration Takes Aim at Transportation ResearchShelters

Exclusive-Head of Fed-watchdog task force in Congress plans broad US central bank review

WASHINGTON (Reuters) -The head of a new congressional panel gearing up to strengthen Capitol Hill's oversight of the Federal Reserve plans a broad review of how the U.S. central bank makes its interest rate decisions, including whether controlling inflation should be prioritized over safeguarding employment. "A substantial number of my Financial Services Committee colleagues and the chairman want to discuss that issue," Representative Frank Lucas, an Oklahoma Republican, told Reuters in an interview on Monday ahead of next week's first hearing of the Monetary Policy, Treasury Market Resilience, and Economic Prosperity Task Force. The Fed's dual mandate - to foster price stability and maximum employment - was imposed by Congress in 1978, and right now it is close to both goals: The unemployment rate is 4% and inflation has eased to 2.6% relative to a 2% target, a far better outcome than many feared.

US Treasury's Bessent vows to re-privatize an economy that is 'brittle underneath'

WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent on Tuesday argued the U.S. economy is more fragile under the surface than economic metrics suggest and vowed to "re-privatize" growth by cutting government spending and regulation. In his first major economic policy address since taking office, Bessent said that interest rate volatility, sticky inflation and reliance on the public sector for job growth have hobbled the U.S. economy despite positive top-line GDP growth and low unemployment. In the wide-ranging speech at an investment conference hosted by the Australian embassy in Washington, Bessent blamed "prolific overspending" under former President Joe Biden and regulations that have hindered supply-side growth as the main drivers of "sticky inflation."

BofA CEO expects Fed to hold on rates, urges simpler regulation

Bank of America expects the Federal Reserve to hold interest rates steady this year and into next year, CEO Brian Moynihan said on Tuesday. "It takes multiple years to squeeze inflation out," and the Fed's efforts to tame inflation will most likely last until 2026, Moynihan told a conference in Washington. Fed policymakers have kept rates unchanged as they seek to move inflation toward a 2% target.

Russia Steps Up Covert Cargo Transfers to Keep Its Oil Moving

(Bloomberg) -- As Russia’s invasion of Ukraine enters its fourth year, Moscow is increasingly resorting to clandestine cargo transfers as it wrestles with sanctions and tries to keep its oil exports flowing.Most Read from BloombergTrump Targets $128 Billion California High-Speed Rail ProjectTrump Asserts Power Over NYC, Proclaims ‘Long Live the King’NYC’s Congestion Pricing Pulls In $48.6 Million in First MonthNYC to Shut Migrant Center in Former Hotel as Crisis EasesAs Visitors Discover Ghent,