In a statement on Thursday, the International Longshoremen’s Association said it had reached a tentative agreement on wages that would see its 35,000 members resume work at ports across the U.S. East and Gulf coasts, before returning to the negotiating table on Jan. 15 2025.

"On the face of this the Fed should be hiking rates with these sorts of figures, not cutting rates," Economist James Knightley said.