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BCB & Fed Rate Decisions, Argentina Inflation

LATAM
  • Argentina inflation data will cross late in the session, coinciding with the release of the FOMC rate decision and latest summary of economic projections. After the close, Brazil’s central bank will likely cut the Selic rate by 50bps to 11.75%.
  • US: The FOMC will hold rates in December for a 3rd consecutive meeting further cementing expectations that the hiking cycle is over. But while the updated projections will acknowledge scope for cuts in 2024 alongside lower inflation forecasts, the FOMC will likely attempt a modest pushback against the recent loosening of financial conditions.
  • Global: The US Treasury and State Departments sanctioned more than 250 companies and individuals in China, Turkey and the United Arab Emirates, alleging that their continuing support for Russia has been crucial to sustaining its invasion of Ukraine.
  • Global: The COP28 climate talks in Dubai ended in a deal that saw a commitment to transition away from all fossil fuels for the first time. The president of this year’s UN-sponsored summit, the UAE’s Sultan Al Jaber, brokered an agreement that was strong enough for the US and European Union on the need to dramatically curb fossil fuel use while keeping Saudi Arabia and other oil producers on board.

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