EGB SYNDICATION: France 20-year May-46: Priced

All key core CPI metrics pulled back as expected in November, in a report that should temper any lingering expectations for a near-term BOC rate hike (hike pricing through next June dipped to around 1bp from 3bp prior to the release). Most notable were the slowdown in trim/median average to 2.8% vs 3.0% prior, vs an expectation of 2.9%; while ex-food/energy and CPIX (ex-most volatile/indirect taxes) metrics both slowed sequentially.

• Longer-term run rates are now running more comfortably below 3% for the most part, with 3M annualized median/trim at 2.3% after 2.6%, and 6M at 2.5% after 2.6%.
• MNI's "underlying" composite measure saw a deceleration to 2.5% 3M ann. from 2.7% prior, with the 6M at 2.4% after 2.6%, the latter a joint 12-month low, with the Y.Y rate down to 2.7% after 2.9% for a 6-month low.

Core CPI (median & trim av):
% M/M: 0.14 in Nov'25 after 0.21 in Oct'25
% 3mth ar: 2.31 in Nov'25 after 2.6 in Oct'25
% 6mth ar: 2.46 in Nov'25 after 2.61 in Oct'25
% Y/Y: 2.8 in Nov'25 after 3.0 in Oct'25

CPI xFE (ex food & energy):
% M/M: 0.06 in Nov'25 after 0.19 in Oct'25
% 3mth ar: 2.08 in Nov'25 after 2.34 in Oct'25
% 6mth ar: 1.82 in Nov'25 after 2.22 in Oct'25

CPIX (ex 8 most volatile & indirect taxes):
% M/M: 0.19 in Nov'25 after 0.31 in Oct'25
% 3mth ar: 3.3 in Nov'25 after 3.31 in Oct'25
% 6mth ar: 2.8 in Nov'25 after 2.8 in Oct'25
Source: Bloomberg Finance L.P., MNI

FRBNY EFFR for prior session:

• Daily Effective Fed Funds Rate: 3.64% (+0.00), volume: $102B
• Daily Overnight Bank Funding Rate: 3.64% (+0.00), volume: $174B
• Repo Reference Rates
• Secured Overnight Financing Rate (SOFR): 3.67% (+0.01), volume: $3.261T
• Broad General Collateral Rate (BGCR): 3.65% (+0.03), volume: $1.324T
• Tri-Party General Collateral Rate (TCR): 3.65% (+0.03), volume: $1.303T
• (rate, volume levels reflect prior session)

• EUR/USD: $1.1600(E2.3bln), $1.1650(E1.2bln), $1.1680(E1.1bln), $1.1700(E1.7bln)
• USD/JPY: Y156.00($788mln), Y156.50($1.2bln)
• GBP/USD: $1.3400(Gbp543mln)
• AUD/USD: $0.6630-50(A$1.5bln)
• AUD/NZD: N$1.1450(A$754mln)
• USD/CAD: C$1.4000-20($1.1bln)