Federal Reserve Governor Waller said it is not yet clear whether the labor market is as healthy as the unemployment rate indicates; questions about labor-market dynamism and productivity growth remain and require further study.

Mexico's October headline CPI rose 3.75% YoY, above a survey median of 3.65% and prior 3.45%, heightening doubts about Banxico's decision to cut rates last week. Core CPI rose to 3.80% YoY, slightly above economists' 3.78% forecast and up from 3.75%. Banxico's five-member policy board revised forward guidance, saying the new rate level may be left unchanged “for an extended period”; officials said keeping borrowing costs at current levels should help inflation converge but flagged upside risks. Q3 GDP expanded 3.2% YoY, the fastest pace since 2023, and recent activity strength increases uncertainty around the inflation outlook.

CUSTOMS: China's steel exports were 9.854 mln t in October, down 6.1% MoM from 10.492 mln t in September.