1. Producer prices came in much hotter than expected for the second consecutive month.

• The upward surprise was driven by services and core goods prices.

• Business markups rose again, likely reflecting companies passing along higher tariff-related costs.

• Incorporating the PPI data, Nomura forecasts that core PCE rose by 0.441% month over month in January.

2. Construction spending rose modestly, in line with the consensus forecast.

• The gain was driven by residential construction spending, while nonresidential spending remained weak.

• The still-contractionary Architecture Billings Index points to ongoing headwinds for structures investment and real activity.

• Construction spending on data centers continued to rise, …

… with the year-over-year growth rate picking up a tad.

3. Chicago PMI accelerated further, easily beating the consensus.

• This bodes well for the ISM PMI release.

4. Goldman’s Company Price Announcement Index based on Russell 3000 earnings calls has increased so far this earnings season.

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1. The Canadian economy unexpectedly contracted in Q4, driven by a sharp drawdown in business inventories and weaker residential investment.

• Monthly GDP expanded by 0.2% in December, but the preliminary reading for January was flat, signaling a weak start to the new year.