Easing US financial conditions on the back of weaker-than-expected inflation and flash growth data has been the main theme for financial markets over the course of November. Although the Fed’s November 2nd meeting largely fell in line with expectations, as they hiked 75bps, pointed to a deceleration in the hiking cycle in December, and pushed back on the “pivot” narrative by emphasising restrictive rates for longer, its messaging was ultimately undermined by a faster decline in core CPI just a week later.
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