Good morning. US stock futures rose in Thursday morning trading as investors weighed tech earnings and assessed future potential moves from the Federal Reserve.

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Top News

Fed projects higher rates for the future

• During their meeting in early February, Federal Reserve officials predicted that additional increases in borrowing costs would be required to lower inflation to their 2% target, the latest minutes released by the Fed showed.

• "Participants observed that a restrictive policy stance would be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2%, which was likely to take some time" the minutes noted.

Global debt dips for first time in nearly a decade

• The global economy's debt experienced its first annual reduction in dollar terms since 2015 last year, largely due to the post-pandemic resurgence in worldwide growth and the effects of inflation.

• A recently published report by the Institute of International Finance estimated the nominal value of global debt declined by some $4 trillion, bringing it fractionally under the $300 trillion threshold breached in 2021.

Trade group challenges SEC's labeling of crypto as securities

• The Chamber of Digital Commerce is asking a federal court to dismiss the US Securities regulator's case against ex-Coinbase employees accused of insider trading, stating that the case unjustly identifies some crypto assets as securities.

• The crypto industry has previously criticized the SEC for bringing enforcement cases against digital asset companies, arguing that the regulator should instead engage in formal rule making specific to cryptocurrency.

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In Other News

Real estate wipeout...

• According to a recent report from real estate brokerage firm RedFin, US homeowners have lost $2.3 trillion since June 2022

• The report noted that US cities are doing much worse than suburbs, with the value of suburban properties rising 6.4% year over year to $25.4 trillion while the value of urban homes increased just 2.5% to $10.8 trillion year over year.

Going back to Cali

• Elon Musk announced during a joint press conference with California Governor Gavin Newsom that Tesla would be returning its global engineering headquarters to California, two years after a dramatic exit saw the company leave for Austin, Texas.

• Newsom added that California has been committed to supporting Tesla and other electric vehicle brands for years and has proven that through legislative policy and regulations.

Just milking it without the cow!

• A series of draft rules proposed by the US Food and Drug Administration (FDA) said that soy, oat, almond and other beverages that are marketed as "milk" can continue to use that label.

• Dairy producers for years have called for the FDA to crack down on plant-based drinks and other products that they say masquerade as animal-based foods and cloud the real meaning of "milk".

Key Economic Events

• Thursday - Eurozone Inflation Rate, US GDP (Q4), Fed's Bostick Speaks

• Friday - Michigan Consumer Sentiment Final (Jan), Fed's Mester Speaks

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