
The Bank of England cut rates 25 bps to 3.75% in a 5-4 vote, and GBP/USD rose after the decision. US CPI cooled to 2.7% in November and core inflation slipped to 2.6%, although the shutdown affected data collection.
Markets kept about 62 bps of Fed easing priced for 2026.
Softer US inflation and expected Fed easing weigh on the dollar, which supports dollar-denominated commodity prices. The effect on grain and feed markets is indirect.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.