Top-of-mind economic news as we start the week:
— U.S. consumer price inflation (as measured by CPI) rose 3.4% in Dec., up from 3.1% in Nov.; however, producer prices (PPI) were up only 1% in Dec.
— The U.S. federal deficit topped $500 billion in the first quarter of fiscal year 2024, 52% higher than a year ago and pushing the total federal deficit to $34 trillion for first time.
— New applications for unemployment benefits for the week ending Jan. 6 were at 202,000, the lowest level in 12 weeks.
— Oil prices jumped 4% on U.S.-U.K. strikes in Yemen against the Houthis for their attacks in the Red Sea.
— Global renewable energy capacity grew by 50% in 2023, a record pace that could make COP28 climate goals achievable.
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