- Billionaire Wilbur Ross, nominated by Donald Trump to serve as Commerce secretary, called China the most protectionist of the world’s major economies and vowed to level the playing field with the Chinese on trade, especially in reducing overcapacity in its steel industry. “China is the most protectionist country of very large countries,” Ross said in testimony on Wednesday in Washington before the Senate Commerce Committee, which will vote on his nomination. “They have both very high tariff barriers and very high non-tariff trade barriers. So they talk much more about free trade than they actually practice.”
- Europe needs to address disagreements spurring the rise of nationalist leaders or the region’s strong economic ties will break, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said. Dimon said he hoped European Union leaders would examine what caused the U.K. to vote to leave and then make changes. That hasn’t happened, and if nationalist politicians including France’s Marine Le Pen rise to power in elections across the Continent this year, “the euro zone may not survive,” Dimon said in a Bloomberg Television interview with John Micklethwait.
- Stoxx 600 Extends Losses, Media Sector Index Falls 2.2%. (video)
- Fed Says U.S. Growth Continues Modestly as Job Market Tightens. The U.S. economy continued to expand modestly from late November through the end of 2016 as a tightening labor market helped lift wages and prices more broadly, a Federal Reserve survey showed. The central bank’s Beige Book economic report, based on information collected by regional Fed banks on or before Jan. 9, said firms and industries were optimistic about growth this year. Employment gains were characterized as slight to moderate, with most of the Fed’s 12 districts saying they expected the labor market to continue tightening.
- . Moving to more of a "glass half full" view. Era Dawns
- The U.S. economy continued to expand modestly from late November through the end of 2016 as a tightening labor market helped lift wages and prices more broadly, a Federal Reserve survey showed. The central bank’s Beige Book economic report, based on information collected by regional Fed banks on or before Jan. 9, said firms and industries were optimistic about growth this year. Employment gains were characterized as slight to moderate, with most of the Fed’s 12 districts saying they expected the labor market to continue tightening.
- Tom Steyer, the billionaire environmental activist who spent at least $87 million on the 2016 election, said he can’t begin to estimate how much of his fortune he’ll put toward fighting Donald Trump’s presidency. “If you ask me can I put a limit on how much I value the health, the safety, the employment and the civil liberties of Americans, there’s no limit to what I think that’s worth,” Steyer, a Democrat, said in an interview Tuesday.
- BIS Study Casts Doubt on ‘Ultimate Effectiveness’ of QE. Central banks might have a problem with their policies, according to their bank.
- JPMorgan(JPM) CEO Jamie Dimon: If you like the Trump stock rally so far, just wait ... (video)
- Fed's Kashkari says fiscal outlook not clear enough to change his forecasts.
- Commerce nominee Wilbur Ross: Trade partners have to play by our rules. (video)
- The Dow hasn't seen a month-long range this narrow since at least 1957. (graph)
- These Are The Top 10 US Infrastructure Projects Trump Will Focus On.
- Lagarde Urges Wealth Redistribution To Fight Populism.
- Loonie Plunges As Canadian Central Bank Warns "Rate Cuts Remain On The Table". (graph)
- Trump To Take "Four Or Five" Executive Actions On Day One.
- CIA Releases 13 Million Pages Of Declassified Documents: Include Psychic Experiments, UFO Research.
- Carlos Slim Launching US TV Channel "By Mexicans, For Mexicans".
- Chinese Province Admits It Fabricated Economic Data For Three Years.
- Border Tax "Back On The Table" After Trump Walks Back "Provocative" Statement.
- US Manufacturing Output Stagnates For 14th Straight Month (Despite Surging Surveys). (graph)
- Goldman(GS) Beats, Profits Surge As Trading Revenues Jump; Average Banker Comp Hits $338,600.
- Not Mentioned In Davos: China Already Has Aggressive Import Tariffs On Nearly Every From Of Steel. (graph)
- What Wage Inflation? Real Average Weekly Earnings Growth Plunges To Weakest In 30 Months. (graph)
- Target Tumbles After Cutting Guidance, Reports Poor Comps; Drags Wal-Mart Lower.
- Trump Warns Canada, Mexico He Will Begin NAFTA Renegotiation "Within Days Of Inauguration".
- Highest Rent Inflation Since 2007 Sends Core CPI Above Fed's Target For 14th Consecutive Month. (graph)
- New ABC / WaPo Poll Uses "Oversamples" To Goal Seek Strong Obama Approval Rating.