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Lagarde, President of the European Central Bank: The Transmission Protection Tool (TPI) was not discussed.European Central Bank President Lagarde: The impact of the US presidential election is still uncertain. European Central Bank President Lagarde: The impact of the US presidential election is still uncertain.European Central Bank President Lagarde: Since July 2023, the flexibility of the Emergency Anti-epidemic Bond Purchase Program (PEPP) has not been used, and the transmission protection tool (TPI) has not been discussed.

The dollar index DXY fell more than 20 points in the short term and is now reported at 106.58. Non-US currencies collectively rose, with GBP/USD of GBP rising by more than 20 points, EUR/USD of EUR/USD of EUR/USD rising by about 20 points and USD/JPY of USD/JPY rising by about 50 points.Market News: The Director of the Federal Aviation Administration will step down on January 20th.NATO Secretary General Rutte: We will need to spend far more than 2% of GDP on national defense.

The rise in food prices has pushed the wholesale inflation in the United States to accelerate unexpectedly. The prospect of interest rate cuts next year is uncertain. The wholesale inflation rate in the United States unexpectedly rose in November, and the soaring egg price masked the moderate impact of price increases in other regions. According to data released by the Bureau of Labor Statistics on Thursday, the producer price index (PPI) rose by 0.4% month-on-month, the biggest increase since June, and economists surveyed by Bloomberg expected a median of 0.2%. PPI increased by 3% compared with the same period of last year, the biggest increase since the beginning of 2023. The core PPI excluding food and energy increased by 0.2% from the previous month and 3.4% from the same period of last year. The CPI report released on Wednesday showed that the core inflation rate in the United States remained firm for the fourth consecutive month. This series of data brought uncertainty to the outlook of prices and interest rates next year, especially when Trump threatened to raise import tariffs after taking office. Economists pay close attention to the PPI report because several of its breakdown data will affect the personal consumption expenditure price index (PCE) that the Federal Reserve is concerned about. Although PCE data will not be released before the Fed policy meeting next week, central bank officials will have a good understanding of the data according to CPI and PPI reports. The market generally expects the Federal Reserve to cut interest rates by 25 basis points next week, but the pace of interest rate cuts is expected to slow down next year.European Central Bank President Lagarde: Since July 2023, the flexibility of the Emergency Anti-epidemic Bond Purchase Program (PEPP) has not been used, and the transmission protection tool (TPI) has not been discussed.European Central Bank President Lagarde: The government should focus on reforms that promote growth.