— U.S. consumer expectations for long-term inflation rose to 3.3% annualized (up from 3%), affecting consumer sentiment which is also down a bit in the latest survey.
— The U.S. economy added 256,000 new jobs in December, much more than expected, with wages up 3.9% annualized and the unemployment rate slipping to 4.1%.
— China’s economy continues to be fueled by exports, with its trade deficit surging to nearly $1 trillion in 2024; meanwhile weak domestic demand lead to a 2.7% drop in wholesale prices last year and flat consumer prices.
— The Bank of England kept its interest rate unchanged (at around 4.75%), even as economic growth has stalled (zero growth expected for 4th quarter 2024).
— The outgoing Biden administration ramped up environmental efforts, including banning new offshore oil drilling across 650 million acres, which the Trump administration vowed to reverse.
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