The FT News Briefing is supported by Equinole, the UK's energy partner.

Learn more at equinole.co.uk

Good morning from the Financial Times.

Today is Thursday, January 5th.

And this is your FT News Briefing.

It looks like inflation in Europe is really starting to cool.

It has been in the US too, but not so much that the Federal Reserve should take its

foot off the gas, so says a top official at the International Monetary Fund.

Plus, the World Health Organization is accusing China of undercounting its COVID deaths.

So it's just totally unrealistic numbers that the government is putting out,

and nobody here really believes them.

I'm Mark Philippineau, and here's the news you need to start your day.

The Deputy Managing Director at the IMF says the Fed should not declare victory against inflation

just yet. Guida Gopinoff told the FT she thinks the Fed shouldn't let up on tightening interest

rates this year. She says there are still threats like services inflation.

You can thank a surprisingly robust US labor market for that.

And it doesn't seem like the Fed has any intentions of letting up.

Minutes for the Central Bank's December meeting came out yesterday.

They showed the Fed still plans to squeeze the economy and backed more rate rises this year

to bring down prices.

Inflation in Europe is looking encouraging.

New data out yesterday shows that in France last year,

...