In the United States, after the October CPI report met expectations and inflation pressures generally eased, Citigroup economists still believe that the Federal Reserve will cut interest rates by 50 basis points in December. "Although the details are still unstable and not so 'normal', wage pressures are easing, short-term inflation expectations are decreasing, and high interest rates continue to put pressure on housing demand and prices, which should reassure Fed officials about slowing inflation," Veronica Clark and Andrew Hollenhorst wrote in their report on Wednesday. Citigroup's basic forecast remains a 50 basis point rate cut in December.