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(Bloomberg) -- Scott Bessent, President-elect Donald Trump’s nominee for Treasury secretary, said he would support dialing up sanctions on the Russian oil industry to end the war in Ukraine.Most Read from BloombergThese Homes Withstood the LA Fires. Architects Explain WhyNYC Commuters Get New Way to Dodge Traffic: $95 Helicopter RidesChicago Agency Pitches $1.5 Billion Plan to Fix Transit WoesWill Americans Ever Lose Their Taste for Telework?Churches, Cinemas — and Moon Artifacts — Top List of E

(Bloomberg) -- The latest US sanctions on oil tankers used to haul Russian petroleum look set to cause severe disruption across the nation’s export machine, with some of Moscow’s flows at risk of a near wipeout if history is any guide.Most Read from BloombergThese Homes Withstood the LA Fires. Architects Explain WhyNYC Commuters Get New Way to Dodge Traffic: $95 Helicopter RidesChicago Agency Pitches $1.5 Billion Plan to Fix Transit WoesWill Americans Ever Lose Their Taste for Telework?Churches,

(Bloomberg) -- Federal Reserve Governor Christopher Waller said the US central bank could lower interest rates again in the first half of 2025 if inflation data continue to be favorable.Most Read from BloombergThese Homes Withstood the LA Fires. Architects Explain WhyNYC Commuters Get New Way to Dodge Traffic: $95 Helicopter RidesChicago Agency Pitches $1.5 Billion Plan to Fix Transit WoesWill Americans Ever Lose Their Taste for Telework?Churches, Cinemas — and Moon Artifacts — Top List of Endan

WASHINGTON (Reuters) -Inflation is likely to continue to ease and possibly allow the U.S. central bank to cut interest rates sooner and faster than expected, Federal Reserve Governor Christopher Waller said on Thursday in comments that pushed against recent market moves that anticipate a shallower Fed rate path. Inflation "is getting close to what our 2% inflation target would be," Waller said on CNBC, citing estimates indicating that one key measure of underlying inflation, the Personal Consumption Expenditures Price Index excluding food and energy costs, has been close to the Fed's target for six of the past eight months.

The December retail sales report comes as investors are closely watching for signs of health in the consumer as the Federal Reserve is expected to hold interest rates higher for longer than initially hoped.

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The Federal Reserve Bank of Philadelphia said on Thursday that its monthly manufacturing index rose to 44.3, its highest since April 2021, from a revised minus 10.9 in December. The U.S. manufacturing sector has been struggling for the better part of three years after the Federal Reserve began raising interest rates in early 2022 to beat back the stiffest inflation in a generation. January's report, though, dovetails with a number of other surveys of business sentiment in the two months since Donald Trump was elected U.S. President.