Top-of-mind economic news as we start the week:
— The yield on 2-year US Treasury bills hit 4.88%, the highest level in more than a decade; meanwhile, 10-year Treasury yields are around 4.08%.
— The earnings of S&P 500 companies dropped an average of 4.8% for 4th quarter 2022, with 90%+ of companies reporting.
— US applications for new mortgages (not refinancing) fell in the past week and are down 44% from a year ago, as the 30-year mortgage rate nears 7%.
— Germany’s economy, Europe’s largest, shrank slightly in 4th quarter 2022 (-0.4%), as inflation and the energy crisis took their toll.
— Carbon dioxide (CO2) emissions grew less than 1% globally in 2022, lower than expected, amid use of cleaner fuels and pollution mitigation.
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