Top-of-mind economic headlines as we start the week:
— US Treasury Secretary Yellen said the US will hit its federal debt limit on Jan. 19 and that Congress will need to take action to increase the limit.
— Germany’s economy grew 1.9% in 2022 despite the effects of the war in Ukraine, higher energy prices.
— The US Consumer Price Index rose 6.5% in Dec (year-over-year), the 6th straight month of lower readings, but still significantly above the Fed’s 2% target.
— US consumer sentiment remained low in Jan. but higher than where it was; consumer expectations are for 4% inflation in 2023.
— Fed Chair Powell said the US central bank will not get involved in issues like climate change because this is not part of its Congressional mandate.
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