Crypto News: Inflation slows

Good morning, it's Sunil here in Sydney with your breakfast menu of the top Australian and global stories.

Today's must-reads:
• CPI spurs rate-cut bets
• House prices advance
• Pension funds scrutinized

Headline inflation cooled further last quarter, adding to the case for the RBA to hold interest rates steady next week. Investors boosted bets on a pivot to a reduction in rates in June.

The housing market in Australia started the new year on a positive note with a 12th straight monthly price increase, though modest growth in Sydney and a decline in Melbourne highlighted worsening affordability.

Superannuation funds' exposure to unlisted assets is coming under scrutiny. Australia's pensions regulator will soon start a review of valuation and liquidity management practices in relation to such investments.

Volatility in power markets as grids transition away from fossil fuels could lower household bills, according to Amber Electric, an energy startup that's raised funds to expand services that offer customers access to wholesale rates.

Green power is going to have to be every bit as good as Big Oil at using lobbying, financial engineering and regulatory arbitrage to get its way, writes Bloomberg Opinion's David Fickling.

Most share markets across the Asia Pacific including Australia's are set to decline after the Federal Reserve signaled it's in no rush to cut borrowing costs, spurring a drop in Wall Street stocks and a climb in the US dollar.

The Fed held rates steady and is awaiting greater confidence that inflation is under control. Chair Jerome Powell said looser policy is on the cards at some point in 2024 but that such a move as early as March is unlikely.

Jerome Powell, chairman of the US Federal Reserve. Photographer: Al Drago/Bloomberg.

Ukraine told allies it's facing a "critical" shortage of artillery shells as Russia deploys three times as much firepower on the frontlines each day.

Students from China studying overseas are struggling with tuition fees as the nation's economy and financial markets falter. Young people who can no longer rely on their parents are picking up whatever jobs they can.

A judge rejected Elon Musk's $55 billion Tesla compensation package and likened the board that approved it to "supine servants of an overweening master" rather than independent directors.

• Australia Jan. Judo Bank PMI, 9am Sydney
• Australia Dec. building approvals, 11:30am Sydney
• Australia 4Q business confidence, 11:30am Sydney

The wearable technology fueling a booming market in human health is being adapted in New Zealand for cattle to improve grazing efficiency and curb environmental harm. GPS helps farmers to manage herds remotely.