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Federal Reserve officials expressed confidence that inflation is easing and the labor market is strong, allowing for further interest rate cuts albeit at a gradual pace, according to minutes from the November meeting released Tuesday. The meeting summary contained multiple statements indicating that officials are comfortable with the pace of inflation, even though by most measures it remains above the Fed’s 2% goal. With that in mind, and with conviction that the jobs picture is still fairly solid, Federal Open Market Committee members indicated that further rate cuts likely will happen, though they did not specify when and to what degree.
Primarily due to profit-taking transitioning into long liquidation after last week's strong rally, Israel's Netanyahu "in principle" approval of a Lebanon ceasefire deal and the announcement of Scott Bessent as President-elect Donald Trump's nominee for US Treasury Secretary. Bessent is seen as another advocate of a smaller government and budget deficits. Source chart: Bloomberg, Tavi Costa