Top-of-mind economic news as we start the week:
— Inflation as measured by two key gauges rose in January, up 5.4% per the PCE Index and 6.4% by the CPI; the Fed target is 2%.
— Sales of newly built US homes rose 7.1% in January, the highest level since March 2022, driven by the South; existing home sales jumped by 8.1%.
— US durable goods orders fell 4.5% in January, but drop was all due to transportation-related orders (airplanes); without that, there was 0.7% increase.
— The UK and the European Union reached agreement on trade rules for Northern Island, a major thorny issue for Brexit implementation.
— US Treasury Secretary Yellen said economic talks with China will resume at an “appropriate time,” amid rising tensions between the two countries.
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