Basis Points House Speaker Kevin McCarthy said Republicans would seek to eliminate the annual budget deficit in talks with Democrats over raising the debt limit, a demand that would likely require deep cuts to federal spending. U.S. labor-market indicators point to jobs growth in coming months, according to The Conference Board. It said Monday its Employment Trends Index rose to 118.74 in January from an upwardly revised 117.06 in December. January's reading marks a second month in a row of growth, reversing a short-lived decline in 2022. (Dow Jones Newswires) U.S. air-travel volumes are seeing much stronger demand in early 2023 versus a year ago now that Covid issues are out of the way, business travel is returning toward normal and airfares are beginning to steady. The Transportation Security Administration says through the first 36 days of this year its daily tally of passengers screened through security has outpaced comparable 2022 days each and every time. (DJN) China's foreign-exchange reserves rose in January, official data showed, amid a weakening U.S. dollar. The reserves rose by $56.8 billion from a month earlier to $3.184 trillion, said the State Administration of Foreign Exchange. The rise was wider than the $26 billion increase expected by economists polled by The Wall Street Journal. (DJN) India's central bank is expected to increase its policy repo rate by 25 basis points to 6.50% on Wednesday, according to a poll of seven economists surveyed by The Wall Street Journal. All seven expect the Reserve Bank of India to raise the rate by a quarter percentage point. (DJN) Australian consumer confidence fell sharply last week to its lowest level since August amid widespread speculation that the Reserve Bank of Australian will continue to raise interest rates over coming months to battle stubborn inflation pressures. Consumer confidence decreased by 3.2 points last week to an index reading of 83.6, according to a survey by the ANZ Bank and pollster Roy Morgan. (DJN) German industrial production fell more than expected in December, after an upwardly revised output in November, data from the German federal statistics office Destatis showed. Industrial output, comprising manufacturing, energy and construction, slid 3.1% on month in December on a price-, seasonally- and calendar-adjusted basis, it said. Economists in The Wall Street Journal's poll forecast a 0.6% fall. (DJN) Brazil economists raised slightly their forecasts for inflation for 2022, according to the Central Bank of Brazil's weekly survey. The median forecast by 142 economists rose to 5.78% from 5.74% a week earlier, the eighth consecutive increase, the survey showed. (DJN) Feedback Loop

This newsletter is compiled by James Christie in San Francisco.

Send us your tips, suggestions and feedback. Write to:

James Christie , Jon Hilsenrath , Nell Henderson , Nick Timiraos , Tom Fairless , Megumi Fujikawa , Perry Cleveland-Peck [mailto:perry.cleveland-peck@wsj.com], Michael Maloney , Paul Kiernan

Follow us on Twitter:

@WSJCentralBanks , @NHendersonWSJ , @NickTimiraos , @PaulHannon29 , @TomFairless , @megumifujikawa , @JamesGlynnWSJ , @cleveland_peck

This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

02-07-23 0722ET