Macro Briefing: 29 January 2021

* Democrats plan to ‘act big’ on Covid-19 rescue plan, with or without GOP
* Novax vaccine is 90% effective, but far less so against Covid-19 variants
* US consumer income likely rose and spending fell in today’s December report
* Is a new currency war brewing for Treasury Sec. Janet Yellen?
* General Motors plans to sell only zero-emission cars by 2035
* US economy rose 4.0% (annualized) in Q4, modestly slower than expected
* US Leading Economic Index rose in December, but at slower pace vs. November
* German economy eked out a tiny gain in last year’s fourth quarter
* New US home sales rose in December–first increase since July
* Trade deficit for US narrowed in December
* US jobless claims up less than expected but remain unusually high:

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