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Market Headlines 👀 

• US Inflation data YoY came in at 3.1% today for headline ; est: 3.1%. Core CPI came in at 4.0%.

• US Federal Reserve rate decision announcement is due tomorrow at 2pm EST, followed by remarks from Fed Chair Powell.

• Goldman Sachs (GS) releases its 2024 market outlook and insights report.

• Occidental Petroleum (OXY) announces acquisition of West Texas producer for $10.8b.

• Macys (M) investor group including Arkhouse management and Brigade capital launch a bid to acquire Macy’s for $5.8b

• Ernst & Young is cutting about 10% of its US partners staff citing tough economic conditions.

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Recap Around the Street 🧠

Inflation continues to trend favorably for the Fed to at least consider policy easing in 2024 although markets have already ‘priced’ in that policy shift with easing to begin as early as March/April 2024. The debate now centers around 1) Does inflation remain stuck at 3% (the final leg being the most difficult to achieve) and 2) Has the market overshot on expectations of policy easing (I.e. rate cut moderation vs rate cut panics)? (Contributed by Benjamin Lavine, CIO at Freedom Investment Management (3D)).

Market Preview 🎞️

• Wednesday, December 13th: MBA mortgage applications; US Fed FOMC meeting; Price Producer Index (PPI)

• Wednesday earnings: Adobe (ADBE)

• December 14th: Weekly jobless claims; ECB rate decision; US retail sales data

• Thursday earnings: Costco (COST)

• Friday, December 15th: Quad witching options

• —> Podcast spotlight: Pounding the Table 👊 : listen now; where you will find in-depth analysis around these highlights, read company deep dives, and interviews with public CEO's!

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That’s all for today, folks! We’ll be back around the same time next Thursday with a curated list of important news, economic data and market highlights. 

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