U.S. Review
A Little Less Punch in an Awfully Big Bowl
* Citing progress in the labor market and more balanced risks to the outlook, the FOMC has decided to begin scaling back the pace of its asset purchases in January. The Fed will reduce its monthly purchases by $10 billion to $75 billion.
* Industrial production rose 1.1 percent in November. Solid gains were seen across manufacturing, mining and utilities over the past month.
* Housing starts in November rose to their highest level in five years, while builder confidence rebounded in December. Existing home sales look slightly shakier, but the underlying details show the housing recovery remains intact.
Global Review
Getting Sentimental Around the Holidays
* In our final weekly commentary for 2013, we take the pulse of the global economy by looking at a number of surveys around the world that measure activity and business sentiment.
* In Germany, two widely-followed business climate surveys rose to multi-year highs. The pick-up in Germany helped lift the PMI for the broader Eurozone to its highest level in 30 months.
Read the full report: Economic Research
Wells Fargo