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CPI data for the month of November came in at 2.2% y/y as expected. Monthly figure came in unchanged as expected. The budget deficit for the month of November came in at $204.9bn vs $100.5bn the previous month.
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The November Manufacturing PMI came in at 55.3 vs 55.4 as expected but ISM Manufacturing PMI came in at 59.3 vs 57.5 as expected for a huge beat.
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FED’s Clarida came out on Tuesday with a hawkish statement reiterating that gradual rate hikes are appropriate as data shows the way to neutral stance.
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Previous Friday FED members Clarida, Harker and Kaplan emphasized the slowdown in global growth and stated that there is no rush for FED to raise rates.
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CPI data for the month of October came in at 2.5% y/y as expected with the prior reading showing 2.3% y/y.
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Democrats have taken the control of the House of the Representatives for the first time since 2010. Republicans have retained the control of Senate as was expected.
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PCE Core for September came in at +2% y/y as expected. Core PCE came in at +0.2% m/m vs +0.1% as expected.
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New home sales for September came in at 553K vs 625K expected.
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Retail sales in the US came in worse than expected, however the control group, which represents the total industry sales that are used to prepare the estimates of PCE for most goods, showed an increase to 0.5%.
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Treasury yields are pushing the dollar up. 10 Year Treasury yields are trading near the highest levels since March, 2011.