Just under 900 deals were announced in the U.S. in January. That compares with more than 1,200 transactions in the previous January and over 1,500 two years ago.

Microsoft, Google and Meta Platforms have projected combined capital expenditures of at least $215 billion for their current fiscal years, an annual increase of more than 45%. Amazon.com didn’t provide a full-year estimate but indicated that total capex across its businesses is on course to grow to more than $100 billion, and said most of the increase will be for AI.

Private equity returned a median annualized 15.2% over the 10-year period ended in 2023, versus 12% for the S&P 500 index.

After peaking above 5.6% in 2022, core PCE inflation fell to 2.6% last June but then reaccelerated. The Fed wants to see PCE inflation fall back to its 2% target, but in December, officials projected that still might take until 2027.

All three major ratings firms provide equity credit for hybrid bond issuances, largely treating them as if they were made up of 50% equity—a boon to the issuer’s credit ratios and ratings. What makes the bonds equity-like is the option for companies to defer coupon payments, as well as the bonds’ ability to absorb losses in the event of a bankruptcy.

The U.S. hotel industry reported record-high average daily rate and revenue per available room in 2024, but the country’s growth rate was its lowest since the declines of 2020. For the year (percentage change from 2023): Occupancy: 63 percent (flat), ADR: $158.67 (+1.7 percent), RevPAR: $99.94 (+1.8 percent).

There are around 1,500 consumer-branded residences around the world, with half completed and half in development. That total is expected to exceed 3,700 by 2040.

Investors poured $62.5 billion into U.S. equity mutual and exchange-traded funds in December, the highest monthly inflow on record.

The volume of office building sales increased to $63.6 billion in 2024, up 20% from 2023. That activity still pales compared with 2015 to 2019, when volume averaged $142.9 billion a year. But it marked the first increase since 2021.

The equity risk premium, defined as the gap between the S&P 500’s earnings yield and that of 10-year Treasurys, turned negative in late December for the first time since 2002 and sat last week at negative 0.15 percentage point.