Macro Briefing: 5 January 2024

* Americans set a new online holiday shopping record in 2023
* Global economy posts modest growth in December: PMI survey data
* US Composite PMI, a GDP proxy, indicates modest expansion in December
* Eurozone headline inflation rebounds in December
* US jobless claims fell last week, sticking close to a multi-decade low
* US private payrolls rose more than expected in December via ADP estimate:

US 10-year Treasury yield rebounds to three-week high. The latest increase follows the release of minutes from the Fed’s December meeting that suggest higher uncertainty about path ahead for interest rates relative to recent expectations.

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