Today the focus will be on the Federal Reserve which announces its latest decision on US interest rates this evening, UK time.Given the strength of the most recent employment data, the Fed is extremely unlikely to cut rates further this month.The US central bank will provide its usual update on its members' expectations for inflation and growth next year.But unless something dramatic changes about the Fed's language, today's report is unlikely to move markets much.
Before the Fed decision we also get the latest consumer price inflation data for the US.Core inflation - the Fed's preferred measure - is expected to come in at an annual rate of 2.3%.That's just above the Fed's target of 2%.While the central bank will be relieved to see solid inflation as this makes it easier to inflate away America's debt burden it's another good reason to expect no further interest rate cuts in the near future.
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