RUSSIA: Consumer Prices Up 1.91% YTD in Week to Jan 26

The Dallas Fed's Manufacturing Outlook Survey showed a dip in activity in December, with the -10.9 general business activity reading (-10.4 prior, -6.0 consensus) representing a 6-month low. This was a weak survey that adds to poor regional Fed manufacturing surveys seen already this month.

• Both production (10-month low -3.2 after +20.5) and new orders (-6.4 after +4.8) pulled back, suggestive of negative output on both a current and forward-looking basis. Shipments fell to a 17-month low and "labor market measures suggested flat head counts and a decline in work hours in December" per the report. That said, conditions were seen to improve in future, with expectations of 6-month ahead activity (+10.8 after +11.0) and production (+34.2 fafter +33.7) remaining relatively steady.
• Respondents' anecdotes were largely pessimistic, citing several ongoing concerns (monetary policy: "We need interest rates to go down further", tariffs: "Tariffs [remain a concern]. I feel like a broken record"; and demand "incoming orders at an all-time low for the first few weeks of December").
• Additionally, price pressures were relatively contained, with current prices paid ticking up only slightly to 36.0 from 35.3; current prices received, as well as the 6-month ahead indices, dipped.
• 4 of the 5 major regional Fed manufacturing surveys (NY, Philly, KC, Dallas) saw deteriorating activity in December vs November, with Richmond the only one to improve. Price pressures were relatively mixed across the surveys but overall remained elevated. 

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White House Press Secretary Karoline Leavitt posts on X: "President Trump has concluded a positive call with President Putin concerning Ukraine." No more details at present. Trump's stance after the call will be closely scrutinised, given past instances of changes in his stance regarding the status of the war/peace process after holding talks with either Russian or Ukrainian/European leaders.