Closing post
Time to recap…
US consumer sentiment fell in November to one of the lowest levels on record as Americans’ views of their personal finances deteriorated.
The University of Michigan reported that consumers are frustrated about the persistence of high prices and weakening incomes, while wealthier Americans became less optimistic as stock markets fell this month.
Wall Street has rallied today, though, after a top Federal Reserve official suggested he could back a December rate cut.
New York Fed president John Williams signalled that he might back a quarter-point cut at the US central bank’s next meeting, saying there was “room for further adjustment” in borrowing costs “in the near term”.
That has pushed the S&P 500 up by 1.5% today, reversing yesterday’s surprise sell-off.
Bitcoin earlier today hit its lowest level since April, but has since recovered to $84,326, down 3.3% today.
In Europe, the FTSE 100 hit a one-month low before rebounding.
There’s no relief for borrowers in Paraguay today.
Paraguay’s central bank held its benchmark interest rate at 6%, and reaffirmed its commitment to price stability.
Interestingly, its monetary policy committee cited recent falling expectations of a cut to US interest rates in December, saying:
In the United States, the Federal Reserve reduces the target range for the federal funds rate at the end of October, as anticipated by the markets. However, in the last weeks, the the probability of a new cut in December has reduced.
