The frontrunner for the next Fed chair claims there is still significant room for interest rate cuts, as U.S. November CPI growth unexpectedly slows!

· The US unadjusted CPI annual rate for November recorded 2.7%, lower than the market expectation of 3.1%; the US unadjusted core CPI annual rate recorded 2.6%, the lowest since March 2021. This news is bearish for the US dollar. · The EU sanctions 41 Russian "shadow fleet" vessels, and the UK adds 24 new sanctions targets against Russia. This news is bullish for crude oil. · The Bank of England cut its benchmark interest rate from 4.00% to 3.75%, in line with market expectations. This news is negative for the pound.