Bank of England chief economist Pill said the Bank will not repeat the 2022 rate-hiking cycle.

International oil prices pared earlier gains as traders weighed reports the US helped advance Middle East talks. Since Monday oil has swung in about a $19 range. Qatar’s emir office said he discussed diplomatic steps with Trump to ease regional tensions. Market hopes for a quicker resolution rose, but major differences remain: Iran has demanded the US lift a maritime blockade, ease sanctions and unfreeze assets before it will fully reopen the Strait of Hormuz. The New York Times reported Tehran is considering mediation on its nuclear program, suggesting Qatar’s diplomacy may be making headway in averting another full escalation.

US U6 unemployment rate 7.9% in October, versus 7.6% expected and 7.6% prior.