U.S. Review

Price Pressures Improving Gradually Amid Resilient Economy - The November release of the ISM services index kicked off the week with a surprisingly strong reading on the U.S. economy. Various price metrics released this week showed some continued signs of inflation cooling, but gradually rather than rapidly.

Global Review

Global Central Banks Continue Along Their Rate Hike Paths - The Bank of Canada raised its policy interest rate 50 bps at this week's meeting, but signaled that further rate hikes would be increasingly data-dependent. Meanwhile, the Reserve Bank of Australia raised its policy rate 25 bps without offering any clear indication of an end to rate hikes. We expect Australia's central bank to tighten policy further next year. The Reserve Bank of India also hiked interest rates and should raise rates further in 2023.

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