• A softer turn in inflation data: Finally, inflation watchers got to digest some good news, as both CPI and PPI numbers came in softer than survey expectations. CPI month-over-month came in at 0.4% vs. expectations of 0.6%, and the core (ex-food and energy) came in at 0.3% vs. expectations of 0.5%. 
  
• Most credit markets rallied, with the bulk of the move following the CPI release.
  
• The People’s Bank of China (PBOC) indicated it would reduce its reserve requirement ratio  for commercial banks in a bid to ease credit conditions in the face of renewed lockdowns and weakness in the property sector. 
  
• Oil prices continue to decline, which could remove one of the larger risk factors of a stagflationary 2023—but one whose price decline signals lower demand with a slower global economy in the coming year.
  
• Korean commercial paper funding rates remain high after the unexpected default of the Legoland Korea theme park. 
• Japan’s inflation rate came in hotter than expected with October CPI at 3.6% on a year-over-year basis, adding pressure to the Bank of Japan’s (BOJ) yield-curve control (YCC) policy.

• Developments in Russia/Ukraine keep moving on a knife’s edge
  
• Bank of Japan and yield-curve control
  
• Olivier Blanchard's 3% inflation target opinion column 
• The US debt ceiling
  
  

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