Top-of-mind economic news as we start the week:
— The Federal Reserve raised its key interest rate by half a percent to 4.5% and said it would continue to raise rates into 2023 to combat inflation.
— U.S. retail sales (not inflation-adjusted) declined by 0.6% in November, the largest monthly drop in 11 months.
— In Dec., the U.S. experienced its biggest contraction in factory activity since May 2020, with new orders diving at the fastest pace since 2008/2009.
— U.S. consumer inflation rose just 0.1% between Oct. and Nov. but was up 7.1% past 12 months vs. Fed’s 2% target.
— The U.S. will spend $3.7 billion to commercialize tech that removes carbon dioxide from the atmosphere, provided by the Bipartisan infrastructure Act.
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