2023.11.30 Today’s Focus

1. The city of Nottingham, UK, went bankrupt.

2. The revised annualized quarterly rate of real GDP in the United States in the third quarter was 5.2%.

3. The White House confirmed that Biden will be absent from COP28 and Vice President Harris will attend on his behalf.

4. The UAW is pushing for full unionization of U.S. automakers, including Tesla.

5. Two sources said that the OPEC+ meeting on November 30 will not be postponed.

6. Wall Street Journal: OPEC+ is considering new oil production cuts of up to 1 million barrels per day.

7. Palestinian-Israeli conflict - Saudi Arabia extended an olive branch to Iran, seeking investment cooperation to ease the Palestinian-Israeli conflict. Egyptian security sources said that the ceasefire agreement in Gaza is expected to be extended for another two days.

8. Fed-Beige Book: Economic activity has slowed since the last report, consumer spending on non-essential goods has declined, and interest rate futures are fully priced in that the Federal Reserve will cut interest rates at least once by May next year. Big hawk Mester: Monetary policy is in a good position to flexibly evaluate future data. Whether to raise interest rates further depends on the data. Barkin: It is too early to discuss raising interest rates and is unwilling to exclude the option of further raising interest rates. Bosch Tick: There is growing confidence that the downward trajectory of inflation is likely to persist.