[First Morning Report] Fed, fading “hawkish color” - US economy on the verge of interest rate cuts, both the economy and inflation are slowing down = Beige Book

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The Fed is on the verge of fading “hawkish” interest rate cuts
The US Federal Reserve (Fed) has diluted its aggressive “hawkish” stance on monetary tightening. Following Director Waller the day before, Governor Mester of the Cleveland Fed suggested the idea that additional interest rate increases were unnecessary on the 29th. The next move by the Fed, which continues to keep policy interest rates unchanged, is to confirm the market view that interest rate cuts rather than interest rate increases, spurring a decline in US interest rates.
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US economy, both economy and inflation are slowing down = Beige Book
According to the District Federal Reserve Economic Report (Beige Book) released by the US Federal Reserve (Fed) on the 29th, the US economy slowed down in November, and inflation also slowed. It is suggested that if this trend continues, there is a possibility that the Fed will stop raising interest rates.

Doubts about soft landings remain, and the slowdown in developed economies worsens - OECD
The Organization for Economic Cooperation and Development (OECD) pointed out that a significant rise in interest rates had a major impact on economic activity, and there is a possibility that it will become serious. According to the latest economic outlook, the OECD predicted that growth was losing momentum in many countries, and growth would not rise until 2025, when real income would have recovered from inflation shocks and central banks would have begun cutting interest rates.

OPEC Plus Considers New Production Cuts Amid Middle East Dispute
“OPEC Plus,” which consists of Organization of Petroleum Exporting Countries (OPEC) member countries and oil producing countries that are not members such as Russia, is considering new production reduction measures of up to 1 million barrels per day despite heightened tension in the oil market against the backdrop of the Middle East dispute. Representatives from multiple member states made it clear on the 29th. There is a possibility that OPEC Plus will announce new measures at an online meeting to be held on the 30th.
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Retail stores that rely on Black Friday are struggling, is this an ominous sign for the US economy
According to Bloomberg Second Major, which analyzes credit card and debit card transaction data within the US, Black Friday sales (median) was negative 4% in the group of 40 companies where the ratio of holiday sales to annual sales is higher than other companies in the same industry. This is a steeper drop than 2022.

Google accepts payment of compensation news distribution, 10 billion yen per year - Canada
The Canadian government announced on the 29th that it has agreed to pay compensation for news articles displayed by US IT giant Google on its own services to the news agency side. Total annual payments amount to 100 million Canadian dollars (about 10.8 billion yen).

Cigna, which owns luxury properties, filed for bankruptcy, and cash flow deteriorated due to the European real estate crisis
Cigna Holding, which is managed by the big Austrian businessman René Benko, filed for bankruptcy proceedings after its last attempt to raise emergency funds ended in failure. He, who is a co-owner of the Chrysler Building in New York, has become one of the most prominent victims of the European real estate crisis to date.