US Monthly Economic Indicators (Through Jan 2023) US price indexes ticked up slightly in January. Unemployment rate remains below 4%. Retail sales picked up, industrial production increased slightly, and housing starts continued to slide. M2 money supply stabilized but Fed policy is still tight. Two-year Treasury yield is higher than ten-year yield, so we have yield inversion which usually presages recession. Conference Board's Leading Economic Index also decreased in January, again presaging recession. Soft landing appears unlikely.