US Minneapolis Fed President Neel Kashkari remains undecided about supporting a rate cut at the US Federal Reserve's December meeting. Citing unexpectedly strong economic activity and ongoing resilience, Kashkari explained that recent data does not clearly support another cut but also does not rule one out. San Francisco Fed President Mary Daly also expressed uncertainty, although Boston Fed President Susan Collins and other officials advocated for holding rates steady to balance inflation and labor market weakness.

UK Prime Minister Keir Starmer and UK Chancellor Rachel Reeves have abandoned plans to increase income tax rates, opting instead to explore alternatives such as adjusting tax thresholds and introducing targeted levies. The decision, made ahead of the Nov. 26 budget, aims to avoid voter backlash and address a £30 billion fiscal gap.

US and Swiss officials are close to a trade deal that would reduce the 39% tariffs that US President Donald Trump imposed on Swiss imports. The deal also aims to address the trade surplus that Switzerland has with the US. Swiss Economy Minister Guy Parmelin says that talks between the two countries have been positive and that further communication will occur once details are finalized.

China's factory output and retail sales have grown at their slowest pace in over a year, highlighting significant economic challenges amid a trade war with the US and weak domestic demand. Industrial output rose by 4.9% year over year, and retail sales increased by 2.9%, both missing forecasts.

The Reserve Bank of India has intervened in the offshore non-deliverable forwards market to support the rupee as it neared a record low against the US dollar amid concerns about US tariffs. The RBI's actions have helped stabilize the currency, which has depreciated by 3.5% this year, making it one of the worst-performing currencies in Asia.

Uncertainty around US Federal Reserve policy has intensified as the lack of key economic data has forced officials into a holding pattern. Fed Chair Jerome Powell compared the current climate to "driving in the fog", signaling a likely slowdown or pause in rate cuts until clearer information emerges.

US stocks suffered their worst day in a month as the relief from the end of the government shutdown faded, with the S&P 500 and Dow Jones Industrial Average dropping 1.7% each and the Nasdaq Composite falling 2.3%. Investors are now worried about a deluge of delayed economic data potentially affecting market stability and the likelihood of an interest rate cut in December, which has dropped to 50%.

US President Donald Trump is preparing significant tariff cuts and new trade deals to address high food prices. The administration has announced framework agreements with Argentina, Guatemala, El Salvador and Ecuador to reduce tariffs on items such as beef, bananas and coffee beans.

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This report analyzes interest rate derivatives (IRD) trading activity reported in Europe. The analysis is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs). Click here to read the report.

This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to what is reported in the US. Click here to read the report.