WSJ Economy

Federal Reserve governor Stephen Miran dialed back his calls for how deeply the Fed should cut rates this year, telling an interviewer that recent data have reflected a stronger economy than he had expected.

The Leading Economic Index, or LEI, published by research group The Conference Board, fell by 0.2% in December to 97.6, after falling 0.3% in November and a downwardly revised 0.2% decline in October.

The trade deficit has followed a rocky course over the past 12 months, buffeted by Trump’s aggressive renegotiations with trading partners.

The number of homes going under contract in the U.S. fell again in January, according to a monthly index.

Manufacturing activity in the Philadelphia region climbed again in February, with future expectations for growth jumping, a monthly survey said.

The number of people who filed for unemployment benefits fell to 206,000 in the week through Feb. 14, down from 229,000 a week earlier, the Labor Department said.

Bangko Sentral ng Pilipinas lowered its benchmark overnight reverse repurchase rate by 25 basis points to 4.25% from 4.50% on Thursday.

Indonesia’s central bank delivered a fourth consecutive rate hold on Thursday, a widely expected decision amid continued weakness in the rupiah.

Some officials favored more neutral language—pushing back against the prospect of reducing interest rates.

Housing starts rose in both November and December, reflecting that some of the headwinds in the home-building sector subsided toward the end of 2025.

There was little evidence of trade being diverted to the eurozone, although the central bank did find signs of diversion to Africa and ASEAN countries.

The central bank president is meant to serve until late 2027. Her spokesperson said she is focused on her mission.

The reading increases the chances of a rate cut by the Bank of England when policymakers next meet in March.

The Reserve Bank of New Zealand left interest rates unchanged at its monetary policy meeting and said it expected inflation to retreat soon and for economic recovery to gather pace in the year ahead.

Federal Reserve governor said the job market might be “especially vulnerable to negative shocks,” given low levels of job creation and a low firing rate.

Consumer price pressures in Canada eased slightly in the first month of the year as prices at the pump fell sharply.

Chicago Fed President Austan Goolsbee continued to express his view that policymakers could make several more rate cuts if inflation shows it is headed back to the Fed’s 2% target.

Confidence among U.S. home builders inched lower this month, as affordability challenges persisted.

Factory activity in New York State continued to grow this month, albeit at a slightly slower pace than in January, with firms remaining optimistic as capital spending plans reached a multiyear high.

The surge to €111.7 billion was driven by sales of pharmaceuticals, with Ireland now accounting for a fifth of all EU exports to the U.S.