We believe the FOMC may ultimately prove more dovish than the market expects, as it recognizes the potential for a more significant slowdown in growth and inflation.\” Retail sales for December grew by 0.4%, slightly below expectations of 0.6%, while weekly jobless claims rose more than expected to 217,000. Bank of America (BAC) reported fourth quarter profit more than doubled, benefiting from a Wall Street dealmaking revival. Morgan Stanley (MS) also saw a surge in quarterly profit. However, UnitedHealth (UNH) fell short of revenue estimates, citing weakness in its health insurance unit. Meanwhile, Apple and Tesla dragged the Nasdaq lower, with Apple under pressure due to concerns of slowing sales in China and Tesla offering new discounts on Cybertrucks. Treasury Secretary nominee Scott Bessent highlighted concerns about federal spending during his confirmation hearing, calling it a \”spending problem\” rather than a revenue problem. He also emphasized the need for the US Dollar to remain the world’s reserve currency. Builders are starting the year with more optimism despite elevated mortgage rates, as the NAHB/Wells Fargo Housing Market Index rose to 47 in January. Stocks opened mixed on Thursday as more earnings reports continued to roll in, with the S&P 500 and Nasdaq posting modest gains.