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Top Overnight News
Trump will soon launch a final round of interviews for Fed Reserve chair, pitting White House economic advisor Kevin Hassett against a trio of other candidates to replace Jay Powell. The decision to carry on with the additional interviews shows Hasset’s selection is not guaranteed. FT
White House Economic Adviser Hassett said as Fed chair, he would be apolitical, according to a Fox Business interview.
Senate Majority Leader John Thune (R., S.D.) said he would hold a vote later this week on a Republican measure aimed at controlling healthcare costs, amid party division over how best to head off big price increases next year for millions of households. The measure aims to provide an alternative to a Democratic proposal that extends the ACA subsidies for three more years. It is not expected to pass. WSJ, NBC
The FOMC is widely expected to deliver a third consecutive 25bp interest rate cut to 3.5-3.75% at what will likely be a contentious December meeting. Most investors expect a hawkish cut, though this could be interpreted in a number of ways. It is not realistic to expect the FOMC to box itself in too much by signaling a very strong bias toward a pause in January because if the labor market is still actively softening at that point, a cut might be appropriate. In fact, participants will be even more uncertain than usual about what will be appropriate at the next meeting because we are now two employment reports behind schedule. Goldman
Money markets see a 50% chance of a 25bps ECB rate increase by the end of 2026 as traders continue to price a tightening scenario after hawkish remarks by policymaker Isabel Schnabel earlier this week. BBG
Ukraine and its European partners will soon present the U.S. with "refined documents" on a peace plan to end the war with Russia, President Volodymyr Zelenskiy said on Tuesday. Kyiv is under pressure from the White House to secure a quick peace but is pushing back on a U.S.-backed plan proposed last month that many see as favorable to Moscow. RTRS
Chinese property stocks surged on speculation of new policy stimulus and bets on progress in China Vanke Co.’s debt-restructuring talks. BBG
China’s consumer inflation gained pace in November but was slightly below expectations, benefiting from a low base while factory deflation worsened. CPI for Nov was inline at +0.7% (a sharp jump from +0.2% in Oct) while PPI deflation worsened to -2.2% (vs. the Street -2% and softer than -2.1% in Oct). WSJ
Indonesia’s trade deal with Washington is in danger of collapsing as US officials become increasingly frustrated at what they view as Jakarta reneging on the terms of the agreement reached in July. FT
Amazon pledged to invest $35 billion in India over the next five years.
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