US Economy

·FOMC slightly modified its language describing the timing of the first rate hike would take place. FOMC also lowered projection of interest rate and inflation next year.

·November industrial production rose 1.6%, while October's data were revised higher.

·Housing starts fell 1.6 percent in November after posting a 1.7 percent increase in October.

·Consumer prices fell by 0.3% in November, with energy prices falling significantly. Excluding food and energy, core prices rose 0.1% higher for the month.

Global Economy

·Falling oil prices and economic sanctions has made the Russian ruble losing about 40 percent of its value on since September. When the rate of decline accelerated this week, the Central Bank of the Russian Federation intervened by lifting its main lending rate 6.5 percentage point to 17.0 percent.