A decline in U.S. Consumer Borrowing in November: Consumer borrowing in the U.S. slowed in November 2024,
with total credit balances dropping to $5.1 trillion.
This marks the first decline since March 2024 and the largest since August 2023 (-4.25%).

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Decline in U.S. Consumer Borrowing
Inflation Shows Little Progress
Canadian Oil Imports

Decline in U.S. Consumer Borrowing in November Amid Falling Revolving Credit

Consumer borrowing in the U.S. slowed in November 2024,
with total credit balances dropping to $5.1 trillion.
This marks the first decline since March 2024 and the largest since August 2023 (-4.25%).

According to Federal Reserve data released on Wednesday,
consumer credit decreased by $7.5 billion, or 1.8% year-on-year,
following a 4.1% increase in October, contrary to forecasts of a $10.3 billion rise.

Revolving credit, such as credit card debt, fell by 12% year-on-year to $1.359 trillion,
compared to a 13.4% rise in October.
Meanwhile, non-revolving credit, including auto and student loans,
rose by 2% year-on-year to $3.743 trillion,
accelerating from a 0.7% increase in the previous month.

Janet Yellen: Inflation Shows Little Progress, U.S. Job Market Remains Stable

Outgoing U.S. Treasury Secretary Janet Yellen stated
that inflation in the United States has not made significant progress over the past two months,
emphasizing the need for cautious and sustainable fiscal and monetary policy responses.

In an interview with CNBC, Yellen noted that the U.S. job market remains stable despite noticeable slowdowns.
She attributed inflation largely to supply shortages,
while pandemic-related spending had only a limited and inconclusive impact on price increases.

Regarding fixed-income markets,
Yellen highlighted that term premiums are returning to normal levels
and stressed the importance of aligning U.S. fiscal policy with long-term economic stability.
She also mentioned that recent economic data suggests interest rates may rise higher than anticipated,
necessitating close monitoring of market developments.

Yellen also emphasized the importance of responsibly handling expiring tax cuts,
warning that defunding the IRS could increase the federal deficit by $800 billion.
She underscored the need for balanced financial decisions to maintain economic stability.

Record High Canadian Oil Imports to the U.S. Ahead of Trump Presidency

According to the U.S. Energy Information Administration,
U.S. imports of Canadian oil reached a record high last week,
hitting 4.42 million barrels daily for the week ending January 3.

This surge comes just weeks before President-elect Donald Trump assumes office on January 20,
amid expectations of stricter tariffs on oil imports as part of his promises to secure the U.S.-Canada border.

A Decline in U.S. Consumer Borrowing in November

A Decline in U.S. Consumer Borrowing in November

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