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The New York Fed study found that nearly 90% of the economic burden from tariffs was borne by U.S. companies and consumers last year.

The increase in factory production reflects rebounds in output of both business and construction supplies, adds to signs of a recovery in manufacturing.

A robust secondary market is a boon for borrowers, as the improved liquidity can help lower their risk premiums.

A year ago, credit derivatives tied to individual companies didn't exist for many high-grade Big Tech issuers, but now they are some of the most actively traded U.S. contracts.

The core CPI rose from a year ago by the least since 2021, and traders boosted bets that the Federal Reserve will cut interest rates three times this year.

"The January payrolls report lessens the urgency for the Fed to cut rates, but as we expect inflation to ease in coming months, we think policymakers have room to cut rates to support the labor market recovery."