U.S. Review
A Busy Week for Fiscal and Monetary Policy
- With three dissenters, the FOMC slightly tweaked its language describing the period of time between the end of the QE program and when the first rate hike would take place.
- November industrial production data showed an impressive pace of industrial output for the month, while October's data were revised higher. Housing starts fell a surprising 1.6 percent in November after posting a 1.7 percent increase in October.
- Consumer prices slid in November, declining 0.3 percent with energy prices pulling the headline index lower. Core prices edged higher a slight 0.1 percent for the month.
Global Review
With Ruble in Freefall, CBRF Pulls the Elevator Brake
- Under pressure from falling oil prices and feeling the pinch of economic sanctions, the Russian ruble has lost about 40 percent of its value on balance since September. When the rate of decline picked up speed this week, the Central Bank of the Russian Federation intervened by lifting its main lending rate 650 bps to 17.00 percent.
- In this week's Global Review we discuss the CBRF's response, we consider Russia's next move and how the collapse in the ruble might play out for Russia and its neighbors.
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