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The omnibus $1.7 trillion dollar bill with record $858 billion in defense spending was approved by the House and the bill is expected to be signed by President Biden.

The personal consumption expenditure price index rose 5.5% in November slower than 6.1% in October, the slowest pace of increase since Oct 2021. Food prices increased 11.2% and energy rose 13.6%.

The Nikkei index in Tokyo dropped 1% and extended weekly losses to 4.7% after core inflation rose to a new 4-decade high of 3.7% in November.