Macro Briefing: 21 February 2023

* Supreme Court case could change immunity standard for Big Tech’s social media
* China is mobilizing its courts to undermine foreign intellectual-property rights
* The Fed’s preferred inflation gauge is expected to run hot in Friday’s update
* Eurozone rebound in business activity accelerates in February
* UK private sector grows in February after six-month decline
* US earnings decline for companies expected in Q1 and Q2, analysts predict
* US Leading Economic Index continues to signal high recession risk, CB reports:

Fed funds futures market is moving closer to the central bank’s view that no rate cuts are on the table for 2023 after US consumer inflation data showed pricing pressure cooled less than expected in January. “The data [last week] week has brought a dose of reality to markets,” says Kristina Hooper, chief global market strategist at Invesco US. Alan Ruskin, chief international strategist at Deutsche Bank, adds: “The tone is being set by the payrolls numbers and it has been augmented by the inflation data, which suggests a scenario in which inflation is much stickier.”