Good day. After three rate cuts by the Federal Reserve this year, monetary policy is in position to help the economy keep growing, New York Fed chief John Williams said, while Chicago Fed leader Charles Evans said the central bank's policy is accommodative. Elsewhere, the Bank of England delivers its latest interest-rate decision today as Brexit uncertainty grinds on.

Now on to today’s news and analysis.

The leaders of the New York and Chicago Fed banks said they don’t see a need right now for the central bank to press forward with more rate cuts after lowering the cost of short-term borrowing several times this year. “The three rate cuts we did were very effective at managing the risks” that slowing global growth and trade uncertainty present to the U.S. economy, New York Fed President John Williams said at a Wall Street Journal event.

Chicago Fed leader Charles Evans said the U.S. central bank has moved interest-rate policy to a place where it’s modestly supportive of the economy. After three rate cuts this year, “policy is not that far off neutral, I would say it’s accommodative,” Mr. Evans said. He said his assessment of what is likely a neutral central bank rate target has slid from around 2.75% and may be closer to 2% now.

San Francisco Fed leader Mary Daly spoke Monday on why she thinks the central bank has done enough, why the Fed has a role to play on climate-change policy and why she thinks it will take time for easier monetary policy to affect the economy. Here is a transcript.

Russia's Central Bank sees potential for further interest rate cuts but won't be rushed into reducing rates too fast, Governor Elvira Nabiullina said. Last month, the bank lowered its key rate for the fourth time since June, to 6.5% from 7%, highlighting the risk of a "substantial" slowdown in global economic growth. Ms. Nabiullina said on Thursday that further cuts are possible given declining inflation expectations. But, she adds, "We will not make a decision automatically, hastening to reduce the rate as much as possible." (Dow Jones Newswires) 

A crackdown targeting the sale of higher-fee mutual funds boosted enforcement results for Wall Street’s main regulator in 2019, driving the Securities and Exchange Commission's annual fines to their highest total in more than 30 years.

Germany’s finance ministry for the first time opened the door to policies that could pave the way for a more unified European banking system, though questions remain over whether the political will exists to push through changes. The ministry in a paper signaled support for a key aspect of closer cooperation that has held up greater integration: a European deposit-insurance program to protect depositors in a bank collapse.

7 a.m.: Bank of England releases policy statement and minutes and inflation report
1:05 p.m.: Dallas Fed’s Kaplan speaks in Dallas
3 p.m.: Federal Reserve releases September U.S. consumer-credit data
5:30 p.m.: Atlanta Fed’s Bostic speaks on monetary policy in New York

10 a.m.: University of Michigan releases preliminary November U.S. consumer sentiment
11:45 a.m.: San Francisco Fed’s Daly speaks at research conference on the economics of climate change at her bank
1:30 p.m.: Bank of Canada’s Beaudry speaks at his bank in Ottawa
8 p.m.: New York Fed’s Williams speaks in New York
8:35 p.m.: Fed’s Brainard speaks at San Francisco Fed research conference on the economics of climate change

"At the heart of presidential candidate Sen. Elizabeth Warren’s ambitious Medicare for All plan is this tantalizing promise: the U.S. can spend less on health care than it does now yet get a lot more for it: 32 million people currently uninsured will have coverage, while copays and deductibles will disappear and everyone will get long-term care," writes WSJ's Greg Ip. "How does she do it? By saving trillions of dollars spent on things she claims have zero value: administrative overhead, inflated salaries of hospital executives and surgeons, and exorbitant drug-manufacturer profits. This premise has faced far less scrutiny than her tax and financing plans. After all, no one disputes that a lot of private spending on health care is duplicative or useless. But that doesn’t mean all of it is. By dispensing with many private-market mechanisms, Ms. Warren risks unintended consequences such as overuse of health care, fewer breakthrough drugs and potentially fewer doctors serving American patients."

• The U.S. collected a record $7 billion in import tariffs in September, fresh figures show, as new duties kicked in on apparel, tools, electronics and other consumer goods from China.
• U.S. productivity fell in the third quarter, pulling back from gains earlier this year, the Labor Department reported.
• In the trenches of China’s debt-addled economy, the government has made a startling decision: Let companies fail.
• Even with U.S. stocks rallying back to all-time highs, adding to the longest bull market on record, many foreign investors feel they have no choice but to pile in.
• Europe’s economy is settling into a pattern of “subdued” expansion as global trade tensions weigh on the export-oriented bloc, the European Union said Thursday, slashing growth expectations and calling for more stimulus.

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