UK budget’s tax hikes and spending increases could drive investors to physical bullion - Solomon Global

Economic activity was little changed since the previous report, according to most of the twelve Federal Reserve Districts, though two Districts noted a modest decline and one reported modest growth. Overall consumer spending declined further, while higher-end retail spending remained resilient. Some retailers noted a negative impact on consumer purchases from the government shutdown, and auto dealers saw declines in EV sales following the expiration of the federal tax credit. Reports of travel and tourism activity reflected little change in recent weeks, with some contacts noting cautious discretionary spending among consumers. Manufacturing activity increased somewhat, according to most Districts, though tariffs and tariff uncertainty remained a headwind. Revenues in the nonfinancial services sector were mostly flat to down, and reports of loan demand were mixed. Some Districts reported declines in residential construction, while others said it was unchanged, and home sales activity varied. A few Districts noted ongoing recovery in the office real estate market. Conditions in the agriculture and energy sectors were largely stable, though some contacts cited challenges from the low-price environment for oil and for some crops. Community organizations saw increased demand for food assistance, due in part to disruptions in SNAP benefits during the government shutdown. Outlooks were largely unchanged overall. Some contacts noted an increased risk of slower activity in coming months, while some optimism was noted among manufacturers. Fed Beige Book: Economic activity was little changed since the previous report, according to most of the twelve Federal Reserve districts, though two districts noted a modest decline and one reported modest growth. FED BEIGE BOOK: WAGES GREW MODESTLY OVERALL, WITH STRONGER PRESSURE IN MANUFACTURING AND CONSTRUCTION; REPORT COMPILED BY FED DALLAS USING DATA THROUGH NOV 17, 2025. FED BEIGE BOOK: PRICES INCREASED AT A MODERATE PACE DURING THE REPORTING PERIOD. Fed Beige Book: Employment declined slightly over the current period, with around half of the Districts noting weaker labor demand.

RBNZ GOVERNOR HAWKESBY: WE THINK WE ARE IN A POSITION WHERE WE CAN PUT OUT AN OCR PROJECTION, WHICH IS BROADLY UNCHANGED. ... RBNZ GOV HAWKESBY: OCR OUTLOOK REMAINS BROADLY UNCHANGED; WE CAN WATCH AND WAIT TO SEE HOW CONDITIONS EVOLVE NEXT YEAR. RBNZ'S HAWKESBY: THE ECONOMY HAS BEEN THROUGH A TOUGH PERIOD. ... RBNZ's Hawkesby: We have needed to kickstart demand through rates. RBNZ'S HAWKESBY: THERE ARE A NUMBER OF LABOR MARKET INDICATORS THAT ARE STARTING TO PICK UP. ...

CANADA WILL IMPOSE A 25% GLOBAL TARIFF ON TARGETED IMPORTED STEEL-DERIVATIVE PRODUCTS, PM CARNEY SAYS. CANADA'S PM CARNEY: TEMPORARY REMISSION OF CANADIAN TARIFFS ON IMPORTS WILL END ON JANUARY 31ST, 2026, FOR STEEL USED IN CANADA FOR MANUFACTURING, FOOD PACKAGING, AND AGRICULTURAL PRODUCTION. ... CANADA'S PM CARNEY: STEEL DERIVATIVE TARIFF TO AFFECT C$10B WORTH OF GOODS. ...

RBNZ'S HAWKESBY: OUR INDICATORS ARE TELLING US NOW THAT THE ECONOMY EXPANDED THROUGH Q3. ... RBNZ GOV HAWKESBY: ECONOMIC RECOVERY IS UNDERWAY NOW, WITH H2 GDP RUNNING AT NEARLY 3% ANNUALIZED. RBNZ GOV HAWKESBY: WE ACTUALLY NEED TO CREATE SOME INFLATION THROUGH STRONGER ECONOMIC ACTIVITY RBNZ's Hawkesby: I have a high degree of confidence that over the next few quarters inflation is going to be coming down.