Fed Officials Statement #1: Chicago Fed President Goolsbee stated that Fed officials should have waited for more economic data releases before cutting rates again, even though Goolsbee voted in favor of the rate cuts at the FOMC meeting in September and October 2025. Goolsbee added he is uncomfortable front-loading too many rate cuts. (Reuters)

Fed Officials Statement #2: Kansas City Fed President Schmid stated that the US inflationary pressure is still too hot and monetary policy should remain somewhat restrictive. On the other hand, Philadelphia Fed President Paulson struck a softer tone, noting she is slightly more worried about the US labour market weakness than inflation. (Reuters)

Economic Calendar This Week: This week’s economic agenda features a delayed US labour market report, including non-farm payrolls for October and November and the November jobless rate. Investors will also watch October retail sales, November inflation data, and the S&P Global PMIs for December in the US. Global central bank activity remains in focus with speeches by Fed officials and interest rate decisions from the ECB, Bank of England (BoE), Bank of Japan (BoJ) and Bank Indonesia. (Investing)

Global Debt Projections: Bloomberg Economics projects that prolonged elevated long-term bond yields are raising global borrowing costs as investors demand extra compensation amid entrenched budget deficits, sticky inflation, and concerns over central bank independence. Global debt hit a record USD324 trillion in 1Q25. Trump’s tax-and-spending law could add USD3.4 trillion to the US deficit over the next decade. (Bloomberg)

Gold Demand Weakens: India’s gold discounts widened to USD34/ounce this week from USD22 last week as demand fell despite wedding season, with domestic prices hitting a record 132,776 Rupees per 10 grams. In China, gold traded at discounts of USD20/ounce, with demand weak due to record gold prices, while VAT adjustment increased jeweler costs and pressured gold demand from retail buyers. In Japan, gold traded at discounts up to USD5.5/ounce. (Reuters)