Filings for jobless benefits fell last week to the lowest level in 16 months, a testament for how resilient the labor market continues to be.

Conditions are ripe for the yield curve to continue to normalize as the long end moves to a range between 4% and 4.25%.

November had a 0.4% increase in nominal income and spending, while inflation-adjusted spending advanced at a 0.3% pace, according to Commerce Department data on Friday.

Inflation continued to abate in November as energy prices declined by 2.3% and gasoline prices dropped by 6%, resulting in a 0.1% monthly advance in the CPI.

Initial jobless claims inched up slightly to 220,000 last week, remaining within the pre-pandemic level, the Labor Department reported on Thursday.

After nearly two years of raising the federal funds policy rate to restore price stability, the Federal Reserve is poised to all but declare that campaign to be over at its meeting next week.

The personal consumption expenditures price index, the Federal Reserve's favorite inflation metric, was unchanged on the month, while the core measure rose by 0.

In October, sales of existing homes dropped to 3.79 million, marking the lowest point since 2010, the National Realtor Association reported on Tuesday.

The University of Michigan's consumer sentiment index dropped unexpectedly in November to the lowest level since May as inflation concerns mounted.

The economy added 150,000 jobs in October with the unemployment rate at 3.9%, the Bureau of Labor Statistics reported on Friday.

The Federal Reserve maintained its policy rate in a range between 5.25% to 5.5% at its November policy meeting on Wednesday. Given the recent backup in Treasury yields.

The employment cost index for the third quarter showed that labor costs rose 1.1% higher than the forecast of 1.0% and were higher than the pre-pandemic average

Friday's data on spending and income, together with recent data on gross domestic product, have pointed to a booming economy that should push back any speculation for an imminent recession.

The idea that the global economy can be organized around another currency seems out of place given the dollar's ascendancy over the past 10 years during a time of uncertainty.

A resilient American economy continued to defy expectations by growing at a 4.9% pace in the third quarter because of one-time factors inside the consumption channel and because of sustained gains in U.S. labor dynamics and modest real income gains.

Demand for existing homes has plunged in six out of seven months since February, falling to 3.96 million in September.