Sterling fell versus the dollar before the Federal Reserve's policy meeting later on Wednesday, which could suggest a less aggressive monetary easing path in the U.S., while British inflation figures were in line with analyst expectations. Consumer prices rose by an annual 2.6% in November, although services inflation held at 5.0%. Money market bets on the Bank of England interest rate outlook were roughly unchanged, with 57 basis points (bps) of monetary easing expected by the end of 2025 from 55 bps just before the release of the inflation figures.
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