Macro Briefing: 29 November 2023

* Fed official suggests central bank is done with rate hikes
* Global economy will slow in 2024, OECD predicts
* US car dealers say consumer demand for electric vehicles is weak
* Amazon announces new AI chatbot for businesses
* US home prices rise to a new record high in September
* US consumer confidence rebounds in November after 3 monthly declines
* US 10-year Treasury yield falls to two-month low on Tuesday:

US Dollar Index falls to 3-1/2 month low as bets on rate cuts increase. The greenback’s latest decline was fueled by comments from Fed Governor Christopher Waller on Tuesday. “I am increasingly confident that policy is currently well positioned to slow the economy and get inflation back to [the Fed’s target of] 2 per cent,” he said. “If we see disinflation continuing for several more months — I don’t know how long that might be, three months, four months, five months… you could then start lowering the policy rate just because inflation’s lower. There’s just no reason to say you would keep [rates] really high and inflation is back at target, for example.”