Outlook for the US market: Secretary Yellen "Significant progress in lowering inflation" Dow Jones started 14 dollars lower.

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Secretary Yellen stated that the United States has made "significant progress" in lowering the inflation rate.
On the 20th, US Treasury Secretary Yellen stated that the US has made significant progress in lowering the inflation rate, and that it is noteworthy considering the continued strength of the labor market. She said, 'While we have made significant progress in lowering the inflation rate, American people are noticing that prices are higher than they used to be.' She also mentioned the importance of achieving progress in inflation while maintaining a strong economy and labor market.

Has the 'EV love' of Americans cooled down?
The spending habits of Americans towards electric vehicles (EVs) have somewhat eased. To reignite the love for EVs with a limited budget, new generation products are needed. The sales volume of EVs (BEVs) using only electricity in the United States has passed the period of rapid growth and has plateaued at around 0.1 million units per month for the past six months. Inventory has piled up and prices have decreased, led by the top-ranked US $Tesla (TSLA.US)$According to Cox Automotive, the average selling price of new cars in October was around $200,000, down from about $250,000 a year ago.

Former OpenAI executive, Altman, joins Microsoft
$Microsoft (MSFT.US)$Microsoft CEO Satya Nadella announced on Monday that Sam Altman, the former CEO of the US emerging company OpenAI, and Greg Brockman, a company executive, will join Microsoft and lead a new advanced AI research team. OpenAI announced on the 19th that they have appointed Emmett Shear, the former CEO of the game live streaming service 'Twitch', as the interim CEO.

US consumer spending during Black Friday and Cyber Monday expected to reach record highs
Despite facing economic pressures such as price increases and rising interest rates, US consumers are planning to spend an average of $567 (about ￥84,500) during the period of Black Friday, the day after Thanksgiving, and Cyber Monday, the following Monday, in search of bargains. This was revealed in a Black Friday Cyber Monday (BFCM) survey conducted by consulting firm Deloitte, showing a 13% increase in spending compared to the previous year. The expected amount of spending is setting a new record high according to Deloitte's annual survey.

Warning about the risk of an increase in interest payments on government bonds due to the flexibility of the YCC policy submitted by the Fiscal System Council.
The Fiscal System Council (an advisory body to the Minister of Finance) has submitted recommendations to Minister Toshio Suzuki for the formulation of the budget for fiscal year 2024. They are sounding the alarm to prepare for the risk of a significant increase in interest payments on government bonds against the backdrop of rising interest rates due to the relaxation of the Bank of Japan's Yield Curve Control (YCC) policy.

Speculation is growing in the market that central banks in the US, Europe, the UK, and China will begin to lower interest rates around mid-2024.
There is increasing speculation in the market that central banks in the US, Europe, and the UK will switch to interest rate cuts in 2024. Against the backdrop of slowing inflation and economic growth, it is expected that rate cuts will begin as early as mid-next year. However, the authorities are also showing a stance to restrain, as the decline in long-term interest rates and the rise in stocks may reduce tightening effects. There is also a lingering risk that expectations of rate cuts will cause significant market volatility.

The yen strengthened against the dollar, reaching the 148 yen level in early trading, amid expectations of an upcoming end to US interest rate hikes.
In the foreign exchange market in London on the 20th, the dollar extended its decline and briefly reached a low of 148.10 yen, down 1%. As the US 20-year bond auction approaches, US Treasury yields are rising. Speculation is growing that the Federal Reserve's rate hikes are coming to an end, causing the dollar to fall against all G10 currencies.

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Source: Bloomberg, Nikkei Shimbun, Dow Jones