U.S. inflation data highlights this week’s docket of regularly scheduled economic releases. Official reports won’t yet fully capture growing economic fallout from Russia’s invasion of Ukraine, which has pushed up prices for energy and other commodities, and threatened a broader supply shock.
The U.S. trade deficit hit a record last year, underscoring both strong domestic demand and dependence on overseas suppliers. That trend could continue in 2022. Economists are forecasting another record monthly trade gap in January as American consumers kept spending, businesses worked to replenish inventories and inflation pushed prices to new heights.