MACRO
NUMBERS
Euro area annual
inflation down to 0.7% - Eurostat
More pressure on the
ECB from low inflation – Danske
Bank
Inflation back to
October-lows – Nordea
Euro area unemployment
rate at 12.0% - Eurostat
European Unemployment
By Country – ZH
ECB deflation risk denial has echoes of 2009 – Reuters
It may be true that
the euro zone is further away from deflation now than it was in 2009, not long
after a historic crash in stock markets around the globe. But waiting for
deflation to set in while hoping for a different outcome could derail an
already very fragile economic recovery.
There are Economic Jitters on Both Sides of The
Old Iron Curtain – WSJ
Deflation, thus, is
spreading from the euro zone to Eastern Europe
and then bouncing back again. That will only be made worse if eastern European
defaults rise as they become unable to pay back their ballooning–in local
currency terms–debts to western European banks.
UNITED STATES
MACRO
NUMBERS
PCE inflation rate
lowest since 2009 - key to future Fed policy – Sober
Look
Personal income and
outlays December 2013 – BEA
PI up less than 0.1%
in December, Core PCE prices up 1.2% y-o-y – Calculated
Risk
Real Disposable Income
Plummets Most In 40 Years – ZH
Consumer spending
rises in December, income flat – Reuters
Consumer sentiment
dips in January – Reuters
Real spending up 0.2
percent in December, stronger than expected – Handelsbanken