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US Inflation & FOMC Projections In Focus This Week

EMERGING MARKETS
  • US: Tuesday’s US CPI headline the data docket thisw eek for global markets. The FOMC are expected to then 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.
  • JAPAN: BOJ officials see little need to rush into scrapping the world’s last negative interest rate this month as they have yet to see enough evidence of wage growth that would support sustainable inflation, according to people familiar with the matter. That’s an indication the central bank is likely to keep its monetary stimulus settings unchanged at a two-day policy meeting ending Dec. 19, despite recent market speculation that the negative rate may be scrapped as soon as the December meeting.
  • CHINA: MNI (Beijing) - China's Consumer Price Index fell by 0.5% y/y in November to mark the steepest decline since November 2020, while the Producer Price Index -- a measure of factory-gate inflation -- dropped further to a three-month low, data from the National Bureau of Statistics showed Saturday.
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