> U.S. Markit services PMI rose to 52.8 in the final December print (52.2 preliminary December), up 1.2 points from the 51.6 in November. Details were generally positive: “A second successive increase in new business drove the expansion in output, with stronger client demand leading to the fastest rise in new orders for five months. Although growth was relatively lackluster overall, it signaled a turnaround from the slight contraction seen in October. As a result, service providers ramped up hiring efforts as employment rose for the second straight month and at the quickest rate since July.”> The NY Fed’s Williams: “There’s been a process of going through stages of grief about a low neutral rate. These factors are basically the hand we’ve been dealt for the next five to 10 years.” https://reut.rs/2QQQgIJ.> Ex-New York Fed Boss Says It’s Time to Overhaul Repo Toolkit (https://bloom.bg/2N15qKy)Recap & Discussion: