US consumer spending remains strong, indicating that living standards are at a high point economically. Inflation in the US is primarily influenced by supply issues rather than demand, according to the Federal Reserve. The current inflation rate in the US is just below 2%, which reflects a stable pricing environment.

Preliminary inflation figures for Spain and Germany in November are expected to show a slight increase, but both countries are maintaining inflation rates close to 2%. Ongoing discussions among ECB officials may not provide new insights, especially considering Lagarde's recent political remarks that have garnered significant media attention.

In Europe, ECB President Christine Lagarde has called for chequebook diplomacy to prevent a trade war with the US, raising concerns about the political neutrality of the ECB.