In this latest issue of my weekly podcast, I ask whether there was any news to warrant further market optimism? The exact terms of the China trade deal were finally released. But I don't think they surprised anyone either positively or negatively. We did have reminders about how much fiscal and monetary stimulus is now boosting the economy. While these reminders aren't news exactly, they may well help explain what's driving the market.

Economic news in the U.S. was mostly quiet with one favorable surprise. New housing starts came in at an incredible 1.6 million in Dec, 17%. We'll see if the number isn't readjusted downward next month. Little else, except ongoing YoY contraction in industrial production.

Abroad, economic news was mixed. In China, Dec industrial production came in at a strong 6.9%, though the final official GDP growth number for 2019 came in at only 6.0%--lowest figure in 29 years. In the Eurozone, industrial production in Dec came in YoY negative for the 13th month in a row. Much of this has been driven by Germany.

Europe saw one notable government shake up. Russia's Prime Minister Dmitry Medvedev unexpectedly resigned. He is set to be replaced by the relatively unknown Mikhail Mishustin. Putin seems to be looking for allies without strong followings that could challenge his power. At the same time, Putin has called for reforms to Russia's constitution by creating a special council that will put him in power for life.

In the United States, politics aren't looking quite so dire… yet. The big news was the commencement of the impeachment trial in the Senate. The whole thing is kabuki theater. Everyone knows that the President will end up being acquitted. On the Democratic side, there was yet another debate that had no real impact. The most interesting development is the recent spat between Bernie and Warren. IMO, it clearly hurt Warren and helped Sanders.

Alcohol consumption per capita in Russia fell by half. According to the WHO, per-capita alcohol consumption in Russia dropped from 18 liters in 2008 to only 9 liters in 2018. And this dramatic decline is no accident. It's the result of Putin’s campaign to clean up the image of the unhealthy Russian.

Job-switching rates in the U.S. are still lower than they were in the early 2000s. This is important because it is through job changes that workers ordinarily experience the biggest wage gains and also contribute the most to rising productivity. Low rates of labor churn may be slowing wage growth. The question is: Why aren't workers switching jobs?

Demography subscribers CLICK HERE for the audio file.

As always, please send questions or suggestions to . Yes, I do respond to all emails personally!