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Good morning. The Fed’s preferred inflation measure is due, bonds have had a big November and a key meeting for the oil market is taking pla [View in browser]( [Bloomberg]( Good morning. The Fed’s preferred inflation measure is due, bonds have had a big November and a key meeting for the oil market is taking place. Here’s what’s moving markets. — [Sam Unsted]( Fed path Federal Reserve officials are signaling they see [little urgency to hike rates](, the kind of comments that drove traders to price in the first rate cut by the US central bank [for May next year](. Cleveland Fed President Loretta Mester, among the more hawkish voters, said policy is well-positioned for the central bank to be nimble and respond as the outlook evolves. Atlanta Fed President Raphael Bostic said he’s increasingly confident on the path of inflation, while Richmond Fed chief Thomas Barkin said policymakers should keep the option of a hike open but stopped short of endorsing one at the next meeting. The latest PCE inflation reading, the Fed’s preferred measure, is on the slate today. Bond rally The narrative that the Fed is done with hiking rates and that inflation is slowing has fueled the [strongest month for bond markets since the 1980s](. Treasuries, agency and mortgage debt have all rallied, providing a boost to bond investors who have been bracing themselves for a third year of losses. And it’s not just bonds, November has seen strength in stocks, credit and emerging markets. It’s been an everything rally, nearly. [Chinese stocks have missed out]( on persistent worries about the economic recovery there, which weren’t soothed by an [unexpected shrinkage]( for the country’s manufacturing and services sectors in November. Stocks gloom Wall Street strategists mostly think that the rally is likely to continue for the S&P 500 next year, though JPMorgan Chase is standing apart with the [most gloomy forecast yet amongst its peers](. It sees the S&P 500 declining by around 8% from its current level by the end of 2024, hit by softening global growth, diminishing household savings and high geopolitical risks, including the election in the US. The weakness in Chinese stocks, however, is drawing major investors like Fidelity International and Invesco [back to the market in search of opportunities](. Clear support for growth from Chinese authorities, more stimulus for the embattled property sector and attractive valuations are luring them back. OPEC+ meeting The OPEC+ group will meet on Thursday, after its summit was delayed from the past weekend and sparked some volatility in crude prices. The group is [seeking to resolve a deadlock on oil quotas]( which caused the initial postponement, centering on whether African members Nigeria and Angola should accept reduced output targets. Meanwhile, Saudi Arabia is calling on the other producers to join it in restraining supplies in order to avoid a renewed oil surplus next year. Crude prices [are higher for a third day]( heading into the summit. Coming up… US stock futures are pointing a little higher, with software group Salesforce up 9% in premarket trading as its cost-cutting efforts boosted its profit outlook. The dollar is stronger and Treasuries are broadly flat. PCE inflation isn’t the only data in town for the US today, with initial jobless claims, personal income and pending home sales all ahead. Major earnings results won’t arrive until after the close in New York, topped by grocer Kroger, PC maker Dell Technologies and cosmetics chain Ulta Beauty. What We’ve Been Reading This is what’s caught our eye over the past 24 hours. - Israel and Hamas [extend their truce]( for another day. - Elon Musk [hurls expletives]( at advertisers fleeing X. - A Chinese investment bank [bans displays of wealth](. - Inside the [battle for the soul]( of OpenAI. - The trauma of [tracking US gun violence](. - New York overtaken as the world’s [most expensive city to live in](. - Signa’s billionaire founder’s stakes [may be worthless]( after insolvency. And finally, here's what Joe’s interested in this morning Hello and happy PCE Day! Today we get the latest reading of the Fed's preferred inflation measure, with PCE coming out at 8:30 ET. Expectations are for the core rate to grow by 0.2% month-over-month and 3.5% on a year-over-year basis. Both of these numbers would be a step down from the prior rate. So we'll see if the numbers confirm the disinflation trend that's been a boon to the stock and bond markets. Also, we get Initial Jobless Claims, and Personal Income & Spending at the same time, so there's plenty of data to chew on. Something that caught my eye yesterday was the latest inflation out of Germany. One thing that's cool is how they break it out at the state level and release those even before the national number comes out. Anyway, the key thing you can see here is that even in Germany inflation is decelerating and coming in below expectations. This is a point that Jan Hatzius made [in our recent interview with him](. All around the world, we've seen different macro policies and somewhat different shocks. Germany's fiscal response to Covid was different than ours. And obviously the energy shock, from being cut off from Russian gas, affected the country a lot. But the disinflation story is a global phenomenon, seen across developed countries and EMs. And each one of these datapoints that comes out reinforces the same phenomenon that the crazy spikes of 2021 and 2022 are disappearing into the past. Follow Bloomberg's Joe Weisenthal on X [@TheStalwart]( Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. [Bloomberg Markets Wrap: The latest on what's moving global markets. Tap to read.]( Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. 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