Federal Reserve's Goolsbee said he is still assessing how much of inflation reflects supply shocks versus demand-driven factors.

Britain’s day-ahead power price for Tuesday delivery jumped to £198.43/MWh (~$266), the highest since January 2025, Epex Spot data showed. Models indicate wind generation is expected to drop to about 3 GW, under half the year-to-date average, increasing reliance on higher-cost fossil-fuel plants. Wholesale price gains could pass quickly to consumers; economists expect household energy bills to rise roughly 25% in January driven by higher gas. Higher energy costs may lift inflation and complicate efforts to curb the cost of living.

Axios reports US President Trump will meet Ukrainian President Zelenskiy in New York on Tuesday as the US pushes for a de-escalation agreement in the Russia-Ukraine situation.