* N. Korea fires ICBM into sea near Japan in ‘brazen violation’ of UN resolutions
* UK finance minister warns of hard times ahead for Britain’s economy
* Rate hikes have had ‘limited effect’ on US inflation, says St. Louis Fed president
* US mortgage rates fell sharply last week
* Philly Fed Mfg Index slides in November, dropping to lowest level since May 2020
* New filings for US jobless benefits remain low for week ending Nov. 12
* US housing starts fall sharply in October:

St. Louis Fed President James Bullard estimates “the sufficiently restrictive zone” for Fed funds rate in the 5%-7% range to tame inflation — well above the current 3.75%-4.0% target range.

Economists say biggest risks to their outlook for Federal Funds rate forecast is a longer-than-expected period of policy tightening that lifts interest rates above current outlook for the terminal rate, according to a new Reuters poll. “While markets are focused on peak inflation, underlying inflation trends are persistent. This could force the Fed to keep raising the federal funds rate well into next year and beyond levels currently anticipated,” says Philip Marey, senior US strategist at Rabobank.