U.S. producer prices in December recorded their biggest fall in more than three years on tumbling energy costs. The producer price index declined 0.3% in December with wholesale energy prices dropping a record 6.6% after falling 3.1% in November. For 2014 inflation at the manufacturing level increased 1.1%. (Reuters)
At the consumer level inflation fell 0.4% in December. For all of 2014 consumer inflation ran at 1.6%.
Accelerating the sell off this week is retail investors pulling $4.1 billion out of US stocks, the second straight week of net outflows. (Lipper)
Cuts in the oil patch are taking a toll as Schlumberger cuts 9,000 jobs, or about 7% of its workforce. (Reuters)
The 10-year Treasury stands at extreme lows of 1.70% as investors flee to safety of the dollar.
The euro is just above an 11-year low at $1.159, to the dollar, as the European Central Bank looks to start large-scale bond buying.
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