Good day. Fed officials have been offering hints about the outlook for their bond buying, with some saying it could persist unchanged through the year and others saying they can’t make a prediction with uncertainty surrounding how the economy recovers from the pandemic. Meanwhile, the number of U.S. help-wanted ads increased more slowly in December, evidence the labor market is losing momentum amid rising coronavirus cases.

 Now on to today’s news and analysis.

Boston Fed President said Tuesday the Fed will "continue to be purchasing long-term assets until we see the economy’s on a stronger economic footing," adding that he expects it to be necessary "at least through this year.”

Two other Fed officials who spoke Tuesday were less willing to say what the path for bond buying will be. Kansas City Fed leader Esther George said it is "too soon to speculate about the timing of any change in this stance.” St. Louis Fed leader James Bullard also declined to say what the Fed could do with asset buying this year. “I do think it’ll be a judgmental call, and we’ll have to see, but it’s just too much uncertainty sitting right here today” to make a prediction, he said.

• Fed’s Mester Says Fed Policy Set at an Appropriate Level for Year Ahead
• Now's the Time for Accommodative Monetary Policy, Fed's George Says
• Fed’s Rosengren Voices Optimism for 2021 Economic Outlook

4 a.m.: European Central Bank’s Lagarde speaks in online Q&A at Reuters event
8:30 a.m.: U.S. Labor Department releases December CPI
9:30 a.m.: St. Louis Fed’s Bullard speaks on economy and monetary policy at Reuters virtual forum
1 p.m.: Fed’s Brainard gives speech on economic outlook and full employment at Canadian Association for Business Economics virtual meeting
2 p.m.: Federal Reserve releases beige book report on U.S. economic conditions; Philadelphia Fed’s Harker speaks on economic outlook at virtual Chamber of Commerce for Greater Philadelphia event
3 p.m.: Fed’s Clarida speaks on Fed’s new framework at virtual Hoover Institution monetary policy conference

7:30 a.m.: European Central Bank releases Dec. 9-10 meeting minutes
9 a.m.: Boston Fed’s Rosengren speaks at virtual Recover Boston event on economic issues
11 a.m.: Atlanta Fed’s Bostic speaks on small businesses at virtual event on an inclusive recovery
12:30 p.m.: Fed’s Powell speaks at Princeton University virtual event
1 p.m.: Dallas Fed’s Kaplan speaks at virtual event hosted by University of Texas at Austin

• Oil prices have hit new peaks since Saudi Arabia said last week it would unilaterally cut output in February as part of an agreement by the Organization of the Petroleum Exporting Countries and allies. 
• The Bank of Korea is likely to stand pat at this year's first rate-setting meeting on Friday, according to all 15 economists surveyed by WSJ, as the resurgence in Covid-19 cases weighs on consumer spending and job markets. (DJN) 
• Sales at U.K. retail stores fell 0.3% year-over-year in 2020 due to the coronavirus pandemic, hitting a record low since records started in 1995, KPMG and the British Retail Consortium said in a report. (Dow Jones Newswires) 
• British stocks have enjoyed a world-beating rally since the start of December, with international investors beginning to buy back into one of their least-loved countries.
• India's benchmark consumer-price index increased 4.6% in December compared with the same period a year earlier, decelerating from the 6.9% rise in November. (DJN)
• Brazil's consumer prices rose 4.52% in December from a year earlier, the highest figure for the month since 2016, leaving the 12-month figure above the central bank's 4% target for 2020 and opening the door for higher interest rates later this year. (DJN) 
• Domestic demand in Mexico continued its recovery in October with household consumption up 1.1% from the previous month and fixed investment up 2.8%, statistics institute Inegi said. (DJN) 

This newsletter is compiled by James Christie in San Francisco and Ed Ballard in London. 

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