* Putin says West has ‘ignored’ Russia’s key concerns over Ukraine
* Despite blaming US for Ukraine tensions, Putin still open to diplomacy
* US consumer spending pivoting from goods to services
* US national debt tops $30 trillion for first time
* Eurozone annual inflation rose to 5.1% in January–a record high
* Global manufacturing output and new order growth slowed in January
* Google parent Alphabet reports strong 32% revenue growth in Q4
* Job openings in US remain elevated, near 11 million in December
* US construction spending continued to edged higher in December
* US ISM Mfg Index fell again in January but still indicates growth:

Red ink flowed like wine for most of the major asset classes in January, with some notable exceptions, based on a set of ETFs.

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* Kremlin says US stoking ‘hysteria’ over Ukraine at UN Security Council meeting
* Richmond Fed President Barkin says businesses would welcome higher rates
* Eurozone jobless rate fell to lowest level on record in December
* Eurozone manufacturing activity in January rose to a 5-month high
* German retail sales fell much more than expected in December
* New York Times buys Wordle, popular word game that’s become a hit
* Growth in Texas mfg activity moderated in Jan, but outlooks remain upbeat
* Chicago area economic activity picked up in January via PMI sentiment data
* US 10yr-2yr yield continues to edge lower, falling to lowest since Oct 2020:

Shares in US companies and inflation-protected Treasuries managed to post gains last week as the rest of the major asset classes lost ground, based on a set of ETFs through Friday’s close (Jan. 28).

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* White House says Omicron spike could affect this week’s update on jobs data
* Atlanta Fed’s Bostic says central bank could hike rates by a half-point if needed
* China manufacturing sector contracted in January–weakest reading in 23 months
* Bank of England may be moving closer to first back-to-back rate hikes in 17 years
* Eurozone growth slowed in Q4
* Surging prices for construction materials appear to restrain housing-bubble risk
* US consumer spending fell in December as inflation hit 40-year high
* US 10yr-2yr Treasury yield spread at lowest level since Oct. 2020:

● The Economic Weapon: The Rise of Sanctions as a Tool of Modern War
Nicholas Mulder
Review via Foreign Affairs
For those who see economic sanctions as a relatively mild way of expressing displeasure at a country’s behavior, this book, charting how they first emerged as a potential coercive instrument during the first decades of the twentieth century, will come as something of a revelation. In an original and persuasive analysis, Mulder shows how isolating aggressors from global commerce and finance was seen as an alternative to war that worked precisely because of the pain it imposed on the target society.

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Green energy may be the future, but it’s still having a rough time in the present while shares of conventional fossil fuel companies extend last year’s strong bull run.

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* Biden focuses on presenting united front with Europe re: tensions with Russia
* Russia says it won’t start a war over Ukraine
* US employers dealing with highest labor costs in 20 years
* Petro states set to supply rising share of West’s fossil fuels
* German economy shrank 0.7% in Q4 while France’s economy rebounded
* Apple reports strong quarterly revenue gain as supply-chain crunch eases
* Jobless claims in US eased last week–first decrease in four weeks
* US pending home sales fell again in December amid shrinking inventory
* US durable goods orders fell in December — first decline in 3 months
* US economic growth accelerated in Q4 — faster than expected:

Minds will differ on the case for factor diversification in equity portfolios, but advocates will find a degree of support for the idea in year-to-date performances, based on a set of ETFs through yesterday’s close (Jan. 26).

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* Justice Breyer to retire, giving Biden a choice for shaping Supreme Court
* Federal Reserve hints at possibility of several interest rate hikes this year
* US formally rejects Russian demand to bar Ukraine from NATO
* Russia and Ukraine will continue ceasefire talks
* N. Korea continues ballistic missile tests–its sixth round of launches this month
* Will Taiwan’s key role in producing computer chips trigger US-China conflict?
* UBS agrees to buy robo adviser Wealthfront for $1.4 billion
* New US home sales rose to a 9-month high in December: