Macro Briefing: 18 December 2023

* Declaring victory over inflation is premature, says Chicago Fed chairman
* Major central banks have different plans for initial rate cuts
* Regional bank stocks surged after Fed hints at rate cuts in 2024
* Corporate bankruptcies rising at double-digit rates in most advanced economies
* Oil prices unlikely to rebound to $100 a barrel in 2024, analysts forecast
* US business activity picked up in December via PMI survey data:

Share of Americans who own stocks rises to record high. “About 58% of U.S. households owned stocks in 2022, according to the Federal Reserve’s survey of consumer finances released this fall. That is up from 53% in 2019 and marks the highest household stock-ownership rate recorded in the triennial survey,” reports The Wall Street Journal.

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