📈 Who's Saying The Inflation Fight Isn't Over?

Good morning. US stock futures inched higher in Monday morning trading as investor sentiment took a positive turn with the Federal Reserve indicating the possibility of rate cuts in 2024.

📉 Fed exec: Too early to claim victory over inflation

📝 Our report: Austan Goolsbee, the maestro of economic wisdom at the Federal Reserve Bank of Chicago, insists it's not time to break out the victory dance in the central bank's epic battle against inflation. “We’ve made a lot of progress in 2023, but I still caution everyone, it’s not done” Goolsbee said in an interview on CBS’s Face the Nation.  

 🔑 Key points:

• “We’ve got to get inflation down to target. Until we’re convinced that we’re on path to that, it’s an overstatement to be counting the chickens.” Golsbee said during the interview.

• Goolsbee has been more optimistic than most policymakers about the prospects of a soft landing for the US economy, lauding inflation progress this year while noting that it’s still far from the Fed’s 2% goal.

• Policymakers left rates unchanged for a third consecutive time at their December meeting and signaled that they expect to cut rates three times next year, according to their median rate forecast released after the Fed’s meeting.

💡 So what: It's crucial for the Federal Reserve to bring inflation back down to its 2% target. Maintaining stable prices is one of the dual mandates of the Federal Reserve, alongside promoting maximum sustainable employment. Achieving the 2% inflation target helps to support a healthy and predictable economic environment.

Monday - Home builder Confidence Index

Tuesday - No Major Economic News

Wednesday - No Major Economic News

Thursday - Initial Jobless Claims (wk end Dec 15), US Leading Economic Indicators, US GDP (revision)

Friday - Consumer Sentiment

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🍺 Beer strike brewing

WHAT: Approximately 5,000 Teamsters at Anheuser-Busch gave a resounding nod to the strike button, signaling their readiness to hit the picket lines if a fresh contract isn't brewed up before the current one expires on February 29, 2024. The union members, who work at 12 US breweries, represent more than a quarter of Anheuser-Busch’s US workforce.

WHY: Strikes have become much more common in the last year. A database of US work stoppages by the Cornell University School of Industrial and Labor Relations shows in 2023 there have been 70 strikes by 100 or more workers lasting more than a week, which is up 59% from the number of those significant strikes for the same period of 2022.

⛽ Musk says oil and gas should stick around

WHAT: Elon Musk, the wizard of electric cars at Tesla, said it’s important not to throw shade at the oil and gas industry in the short term. Musk, speaking at a right-wing political gathering organised by Italian Prime Minister Giorgia Meloni's Brothers of Italy party said oil and gas should not be demonised in the medium-term, but added that it was imporant to reduce carbon emissions to preserve the planet.

WHY: Musk said he considers himself an environmentalist and added that it is important that, in the long run, industries reduce the billions of tons of carbon they take from the earth and release into the atmosphere by burning fossil fuels.

🔌 Canada to go full electric by 2035

WHAT: Canada is getting ready to kiss those exhaust fumes goodbye! The country is set to announce that all new vehicles will have to be zero emissions by 2035, as Ottawa is set to unveil new regulations in the latest example of countries around the world pushing for electrification.

WHY: Global EV sales now make up about 13% of all vehicle sales and are likely to rise to between 40%-45% of the market by the end of the decade, according to the Paris-based International Energy Agency (IEA).

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