Core Viewpoint - The Central Bank of Brazil has decided to maintain the benchmark interest rate at a high level of 15%, citing external uncertainties and domestic economic conditions as key factors influencing this decision [1] Group 1: Economic Environment - The external environment remains uncertain due to the current economic situation and policies in the United States, which have impacted the global financial landscape [1] - Emerging economies, including Brazil, are advised to adopt a cautious approach in light of these external pressures [1] Group 2: Domestic Economic Conditions - Brazil's domestic economic growth is gradually slowing down, and while overall inflation has decreased, it still exceeds the official inflation target set by the government [1] - The Central Bank emphasizes the importance of maintaining the current interest rate to help guide inflation back towards the target [1] Group 3: Future Considerations - The Central Bank will continue to monitor the latest developments regarding potential tariffs imposed by the U.S. on Brazil and assess the impacts of domestic fiscal and monetary policies [1] - The Central Bank has indicated that it may not rule out the possibility of restarting the adjustment cycle if necessary [1]

Core Viewpoint - The Central Bank of Brazil has decided to maintain the benchmark interest rate at 15% [1] Group 1 - The decision to keep the interest rate unchanged reflects the bank's strategy to manage inflation and economic stability [1]

Core Viewpoint - The Bank of Canada has maintained its benchmark interest rate at 2.25%, indicating that the current rate is deemed appropriate despite stronger-than-expected economic resilience [1] Summary by Relevant Sections Interest Rate Decision - The Bank of Canada decided to keep the benchmark interest rate unchanged at 2.25% [1] - Governor Macklem stated that the current rate is at the lower end of the neutral range, which is considered appropriate [1] Economic Outlook - Recent data suggests that the economy is more resilient than previously anticipated [1] - The policy statement emphasizes readiness to respond to changes in the economic outlook [1] - Revisions to GDP data for 2022 to 2024 may explain some of the observed resilience, indicating that the Canadian economy was healthier than initially thought before facing trade conflicts [1] Communication Strategy - The central bank's neutral communication indicates a preference to maintain the status quo in the absence of significant inflation or growth changes [1]

Group 1: US Consumer Inflation Expectations - The New York Fed's survey indicates that US consumer inflation expectations remained stable in November, with a one-year inflation expectation of 3.2% and three- and five-year expectations also at 3% [1][7]. - Respondents' perception of unemployment probability decreased to 13.8%, marking the lowest level of the year [1][7]. - There is a general market expectation that the Federal Reserve will lower the benchmark interest rate for the third consecutive time to prevent deterioration in the labor market [1][7]. Group 2: Australian Central Bank Policy - The Reserve Bank of Australia maintained its cash rate target at 3.60%, aligning with market expectations [2][8]. - RBA Governor Philip Lowe emphasized the need for caution regarding monthly CPI data, stating that inflation and employment data will be crucial for the February meeting [2][8]. - The RBA sees an upward bias in inflation risks and has not ruled out the possibility of tightening policy if inflation remains high [2][8]. Group 3: Market Reactions and Currency Movements - Gold prices experienced a slight decline, trading around 4180, influenced by profit-taking and a rebound in the US dollar index due to expectations of a hawkish signal from the Fed [4][9]. - The Australian dollar also saw a slight decrease, trading around 0.6650, affected by profit-taking and the strengthening US dollar [5][10]. - The USD/CAD pair rose slightly, trading around 1.3850, supported by technical buying and a rebound in the US dollar index [6][11].

Core Insights - The survey conducted by the New York Federal Reserve indicates that U.S. consumer inflation expectations remained stable in November, while views on employment prospects improved [2][4]. Group 1: Inflation Expectations - Consumers' inflation expectations for the next year held steady at 3.2%, while expectations for the next three and five years remained at 3% [5]. - The expectation of unemployment likelihood decreased to 13.8%, marking the lowest level this year [5]. Group 2: Labor Market Sentiment - There is an overall increase in consumer optimism regarding the labor market compared to the previous month, with a reduced likelihood of rising unemployment in the next year [5]. - Consumers believe that if they become unemployed, the chances of finding a new job are greater [5]. Group 3: Personal Financial Situation - A higher percentage of households reported a deterioration in their personal financial situation, with 39% indicating their current financial status is worse than a year ago, the highest level in two years [5].

Group 1 - The European Central Bank (ECB) indicates that inflation outlook remains uncertain, with most members acknowledging both upward and downward risks to inflation, and the decision to maintain current interest rates is seen as reasonable [1] - The Financial Stability Board (FSB) has raised the capital buffer requirement for Bank of America in the Global Systemically Important Banks (GSIB) list from 1.5% to 2%, while Deutsche Bank's requirement has been lowered to 1% [1] - The Japanese government plans to issue approximately 11.7 trillion yen in government bonds to support a new economic stimulus plan, with warnings from Goldman Sachs and Bank of America regarding the potential limited effectiveness of this plan [1] Group 2 - The Bank of Korea has maintained its benchmark interest rate at 2.5% for the fourth consecutive time, citing volatility in the foreign exchange and housing markets, while raising GDP growth forecasts for 2024 and 2025 to 1% and 1.8% respectively [2] - The Eurozone's economic sentiment index slightly increased to 97 in November, with a significant rise in the services sector index to 5.7, while the industrial sentiment index fell slightly below expectations to -9.3 [2] - The Eurozone's M3 money supply grew by 2.8% year-on-year in October, aligning with expectations, indicating overall stability in the monetary environment [2] Group 3 - As of November 21, the Central Bank of Russia's gold and foreign exchange reserves decreased to $729.1 billion, down by $5 billion from the previous value [3]

Core Viewpoint - The Bank of Korea has decided to maintain the benchmark interest rate at 2.50%, aligning with market expectations and reflecting a cautious approach to monetary policy amid economic uncertainties [2][3]. Group 1: Economic Growth Projections - The Bank of Korea forecasts a GDP growth rate of 1.0% for this year and 1.8% for next year, with domestic demand expected to recover primarily through consumption [7][9]. - Recent surveys indicate an upward revision of growth forecasts, with expectations for this year's growth increasing from 0.9% to 1.0% and next year's from 1.6% to between 1.8% and 1.9% [7][9]. Group 2: Monetary Policy Considerations - The decision to keep the interest rate unchanged is influenced by rising inflation, ongoing economic improvements driven by consumption and exports, and the need to assess domestic and international policy conditions [7][9]. - The Bank of Korea's cautious stance on further monetary easing is attributed to high household debt levels, risks in the real estate market, and recent signs of rising inflation [10]. Group 3: Financial Stability Risks - The monetary policy committee has highlighted the need to be vigilant regarding risks associated with housing prices, household debt, and increased volatility in exchange rates [9][10]. - The depreciation of the Korean won against the US dollar has raised concerns, with local funds increasing overseas investments, potentially triggering actions from the National Pension Service [10].

Core Viewpoint - The Bank of Israel has decided to lower the benchmark interest rate by 0.25 percentage points to 4.25%, marking the first rate adjustment in nearly two years due to a decline in the annual inflation rate [1] Group 1: Interest Rate Adjustment - The interest rate was last adjusted in January 2024, when it was reduced from 4.75% to 4.5% [1] - The current annual inflation rate has decreased to 2.5%, falling within the government's target range of 1% to 3% [1] Group 2: Economic Outlook - The Finance Minister stated that the rate cut is part of a series of measures aimed at achieving "strong economic growth" in Israel [1] - The Bank of Israel acknowledges ongoing risks of inflation acceleration, including geopolitical tensions and their impact on economic activity, as well as concurrent demand growth and supply constraints [1] Group 3: GDP Growth - The Central Bureau of Statistics reported a robust year-on-year GDP growth of 12.4% for the third quarter of 2025, indicating a strong economic rebound [1]

Core Viewpoint - The UK Consumer Price Index (CPI) has significantly decreased in October after maintaining a three-month high, indicating a potential easing of inflation pressures in the UK economy [1] Inflation Data - In October, the UK's CPI fell to 3.6%, down from 3.8% in the previous three months (July, August, September) [1] - The core price index decreased from 3.5% in September to 3.4% in October, while the services price index dropped from 4.7% to 4.5% [1] Central Bank Actions - The Bank of England had previously assessed that inflation had peaked, opting to keep interest rates unchanged during its recent meeting [1] - The October inflation data supports the notion of a gradual decline in inflation, which may lead the Bank of England to consider a 25 basis point cut in the benchmark interest rate next month [1]

Core Insights - Australia's Wage Price Index (WPI) for Q3 2025 increased by 3.4% year-on-year, with a quarter-on-quarter rise of 0.8% [1] - The year-on-year growth rate of 3.4% is consistent with Q2 2025 but slightly lower than the same period last year [1] - The WPI growth outpaced the Consumer Price Index (CPI) growth of 3.2%, indicating a slight improvement in workers' purchasing power [1] Wage Growth by Sector - Public sector wages rose by 3.8% year-on-year, marking the highest level since Q2 2024 [1] - Private sector wages increased by 3.2% year-on-year, the lowest since Q2 2022 [1] - The accommodation and food services sector saw the highest quarterly wage growth at 2.1%, while the finance and insurance sector had the lowest at 0.4% [1] Wage Growth by Region - Western Australia recorded the highest quarterly wage growth at 1.5%, while Tasmania had the lowest at 1.1% [1] Economic Context - The Wage Price Index is a key economic indicator used by Australian authorities to assess the impact of inflation on wages [2] - The Reserve Bank of Australia maintained the benchmark interest rate at 3.6%, citing higher-than-expected inflation and a tight labor market [2]