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The prospect of oil prices hovering near $30 a barrel for the foreseeable future has debt-ridden US producers panicking. Market watchers think the bust could ultimately end in the failure of hundreds of smaller firms that would spook markets, as well as an industry-changing round of consolidation. "The industry will be permanently damaged," oil executive Steven H. Pruett tells the New York Times. [NYT]
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A strong jobs report in December indicates the real US economy is continuing its recovery, despite the recent turmoil in financial markets. The December data shows steady hiring, near-record job openings—workers are even feeling more comfortable about quitting their jobs, a possible indicator of future wage growth. “This quits rate is a sign of stronger wage inflation to come,” economist Neil Dutta tells Bloomberg. [Bloomberg]
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Janet Yellen is expected to face tough questions about the Fed’s recent rate hike when she testifies before Congress on Wednesday. The Fed’s decision to raise rates in December came on the heels of a relatively healthy US economy, but recent turmoil in global financial markets has observers concerned the Fed may have jumped the gun. Market watchers expect future rate hikes to happen very slowly—or not at all—as 2016 unfolds. [WaPo]
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