The Fed will release its rate decision and updated dot plot on Wednesday afternoon local time, and is widely expected to cut rates by 25 basis points. RBC forecasts the dot plot will show just two rate cuts next year. The Fed's latest dot plot is expected to imply only two rate cuts in 2025, according to Royal Bank of Canada. The Treasury Department offered 20-year notes at a higher yield than they traded at before the issue. Us November retail sales rose 0.7% mom vs 0.50% expected, revised to 0.5% from 0.40% previously. Traders reduced bets on BOE rate cuts, pricing in a 25% probability of a third rate cut in 2025. Brazil's central bank took extraordinary steps to sell more than $3bn in a single day, halting the real's slide.