From UBS:
* US: Personal income rose 0.5% (consensus 0.4%, UBSe 0.3%) in Dec, and spending was flat (cons & UBSe 0.1%). Core PCE prices rose 0.2% (cons & UBSe 0.1%, total 0.1%). Data were already included on a quarterly basis in GDP, but show 2011 ended with a bit faster income growth, slower spending, and an uptick in core inflation compared to expectations and earlier in Q4.
* US: Overall in the Fed's January loan officer survey, "domestic banks reported...lending standards had changed little and...experienced somewhat stronger loan demand"...This was a similar tone to the last survey, except demand looked a bit stronger - so not quite an incremental positive, but stirring business loan demand is encouraging.
* US: The Dallas Fed Manufacturing Activity index jumped to 15.3 in January (mkt: 1.5), from a revised -0.3 in December (was -3.0).
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