Analysts at TD Securities are expecting the U.S. headline PPI to increase 0.3% MoM (1.5% YoY) in December, on the back of a 0.3% MoM advance in core inflation (1.4% YoY).

• "We pencil in core-core inflation (ex food, energy and trade) at 0.2% m/m.
• Separately, we anticipate some improvement in sentiment following the US-China trade deal to be reflected in an increase in the NY Fed's Empire State manufacturing index to 6 in January from 3.5 in December, which would represent the index's highest level since May.
• The Fed's Beige Book will also be released."