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Inflation still outside RBA target

But following a resurgence in inflation in the second half of 2025, the first major economic snapshot of the year won’t reassure the central bank that price pressures are back under control.

The RBA places greater emphasis on the trimmed mean, which excludes volatile items to show the underlying pulse of inflation.

The trimmed mean fell from 3.3 per cent to 3.2 per cent after rising 0.3 per cent month to month, still above the RBA’s 2 to 3 per cent target band.

“The undershoot on headline inflation should not be over‑interpreted,” Commonwealth Bank economist Harry Ottley said. “The weaker‑than‑expected outcome largely reflected volatile items and does not appear to reflect any softening of demand in the economy,” he said.

“We maintain our view that the RBA will increase the cash rate by 25 basis points to 3.85 per cent in February.”

Headline inflation was underpinned by the timing of energy rebates rolling off in Queensland, with electricity costs up 19.7 per cent in the 12 months to November.

Australia CPI

WASHINGTON (TNND) — X’s artificial intelligence assistant, Grok, is facing trouble after reportedly generating fake nude or revealing images of public figures, including British royal Kate Middleton.

Grok had a rocky start in November 2023, when reports emerge that the AI assistant would reply to users who use it with misinformation or conspiracy theories.

The United Kingdom’s regulatory authority for the communication industry in the U.K. said it has made “urgent contact” with Elon Musk’s social media company over Grok creating images “undressing” real people.

“The BBC has seen several examples on the social media platform X of people asking the chatbot to alter real images to make women appear in bikinis without their consent, as well as putting them in sexual situations,” the outlet reported on Tuesday, Jan. 6.

Liz Kendall, the U.K.’s technology minister, urged Ofcom to take urgent action upon the issue.

“We cannot and will not allow the proliferation of these demeaning and degrading images, which are disproportionately aimed at women and girls,” she said in a statement, according to The Guardian.

“Make no mistake, the U.K. will not tolerate the endless proliferation of disgusting and abusive material online. We must all come together to stamp it out.”

The Princess of Wales is reportedly a big target of requests to Grok, as well as journalist Samantha Smith.

“While it wasn’t me that was in states of undress, it looked like me and it felt like me, and it felt as violating as if someone had actually posted a nude or a bikini picture of me,” Smith said.

Users have not only targeted celebrities from the U.K.; screenshots have also circulated online showing X users allegedly asking Grok to create inappropriate images of Stranger Things actress Nell Fisher, 14, in a bikini.

Elon Musk has since posted a reply to an inquiry about Grok “creating inappropriate images.”

“Anyone using Grok to make illegal content will suffer the same consequences as if they upload illegal content,” he wrote.

Today, Sunrise Wind LLC (“Sunrise Wind”), a wholly owned subsidiary of Ørsted, will file a complaint in the U.S. District Court for the District of Columbia, challenging the lease suspension order issued on December 22, 2025 by the U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM), which will be followed by a motion for a preliminary injunction. 

While Sunrise Wind continues to seek to work constructively with the Administration and other stakeholders towards an expeditious and durable resolution of this matter, it believes that the lease suspension order violates applicable law. The Sunrise Wind Project (“Project”) faces substantial harm from a continuation of the lease suspension order. As a result, litigation is a necessary step to protect the rights of the Project.   

Sunrise Wind secured all required local, state, and federal permits, following extensive multi-year reviews. As a requirement of the permitting process, the Project engaged in years-long consultation with the U.S. Department of Defense [War] Military Aviation and Installation Assurance Siting Clearinghouse to address potential impacts to national security and defense capabilities from construction through to operation of the Project. Those consultations resulted in a fully executed formal agreement between the Department of War, the Department of the Air Force, and Sunrise Wind outlining mitigation measures by the Project.   

Sunrise Wind has spent and committed billions of dollars in reliance upon, and has met the requests of, a thorough review process. Additional federal reviews and approvals included the U.S. Coast Guard, U.S. Army Corps of Engineers, National Marine Fisheries Service, and many other agencies. 

The Project is in advanced stages of construction and is nearly 45 percent complete. The Project has installed 44 of 84 monopile foundations as well as the offshore converter station. Construction of the onshore electric infrastructure is substantially complete, and near-shore export cables have been installed. At the time of the lease suspension order, the Project was expected to begin generating power as soon as October 2026.     

At a time of increasing energy demand, the Project will deliver reliable power and increased stability to the electric grid with industry experts forecasting that ratepayers could face increased risks to reliability without the completion of Sunrise Wind. The Project will deliver affordable power at a stable rate to nearly 600,000 homes once fully operational in 2027 under a 25-year contract with the State of New York.  

Sunrise Wind has supported thousands of American jobs across construction, operations, shipbuilding, and manufacturing, including more than 1,000 union workers who have already contributed more than 1 million union work hours to this project. Sunrise Wind is a part of Ørsted’s investment into American energy generation, grid upgrades, and port infrastructure, as well as a supply chain, including U.S. shipbuilding and manufacturing extending to more than 40 states. 

On January 1, 2026, Revolution Wind, LLC, a 50/50 joint venture between Global Infrastructure Partners’ Skyborn Renewables and Ørsted, made similar filings in the U.S. District Court for the District of Columbia.  

For further information, please contact:

Ørsted Global Media Relations 
Frederik Høj Rühne 
+45 99 55 95 52 
globalmedia@orsted.com  

Sunrise Wind Media Contact
Karl-Erik Stromsta
+1 737-357-6777
karle@orsted.com  

Ørsted Investor Relations 
Valdemar Hoegh Andersen 
+45 99 55 56 71 
Ir@orsted.com 

About Ørsted
Ørsted is a global leader in developing, constructing, and operating offshore wind farms, with a core focus on Europe. Backed by more than 30 years of experience in offshore wind, Ørsted has 10.2 GW of installed offshore capacity and 8.1 GW under construction. Ørsted’s total installed renewable energy capacity spanning Europe, Asia Pacific, and North America exceeds 18 GW across a portfolio that also includes onshore wind, solar power, energy storage, bioenergy plants, and energy trading. Widely recognised as a global sustainability leader, Ørsted is guided by its vision of a world that runs entirely on green energy. Headquartered in Denmark, Ørsted employs approximately 8,000 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2024, the group’s operating profit excluding new partnerships and cancellation fees was DKK 24.8 billion (EUR 3.3 billion). Visit orsted.com or follow us on LinkedIn and Instagram.  
 

Attachments

The Newsom administration and Valero will continue working closely together to explore opportunities for continued refinery operations and to ensure fuel supply reliability during California’s ongoing energy transition, reinforcing the state’s commitment to maintaining a stable, affordable fuel supply for Californians.

“We want to express our appreciation to Valero for continuing to work with us collaboratively to evaluate options for the Valero Benicia refinery and for maintaining fuel supply to Northern California,” said Siva Gunda, CEC Vice Chair. “The CEC and state partners are working with a variety of market players and stakeholders on necessary steps to protect consumers and support a stable and affordable fuel supply while holistically advancing this critical phase of the energy transition in our path to achieving the state’s climate goals.”

Operations at Valero’s Wilmington Refinery in Los Angeles County remain unchanged.

Maintaining stability today while accelerating the clean energy future

Thanks to Governor Newsom and the Legislature’s commitment to proactive planning and consumer protection, California is responsibly strengthening its in-state supply and accelerating the shift to cleaner energy. Last year, the Governor signed a historic package of bipartisan legislation to stabilize the petroleum fuels market, cut pollution, and save Californians billions. This package included SB 237 — legislation that increases crude oil production in Kern County, boosting domestic crude availability as California manages its long-term energy transition while maintaining strong health and environmental safeguards.

In 2023 and 2024, following severe gasoline price spikes, Governor Newsom took decisive action by calling special legislative sessions to confront price volatility head-on and protect Californians from supply shocks and disruptions. The resulting laws — SB X1-2 (2023) and AB X2-1 (2024) — strengthened California’s ability to plan ahead by requiring unprecedented transparency from refineries, including advance notice of planned refinery closures at least a year in advance. These reforms gave California early visibility into potential supply disruptions at Valero Benicia, allowing California to prepare and coordinate to maintain fuel supply stability. Together, these laws have created the most robust petroleum market transparency in the nation, protecting California consumers and supporting the state’s transition to a cleaner, more affordable energy future.  

California is proving that it can protect consumers, maintain reliable fuel markets, and lead the global clean-energy transition at the same time.

Setting the record straight

MYTH: Refinery idling or closures are unique to California

FACT: This trend is not unique to California. Refineries are closing globally, and refining capacity is consolidating in megarefineries. To manage this transition, Governor Newsom called two special legislative sessions in 2023 and 2024, resulting in SB X1-2 and AB X2-1. These laws granted the California Energy Commission (CEC) regulatory and data transparency tools to ensure a stable, affordable fuel supply during the state’s transition away from petroleum-based transportation. 

And these tools are working: California has avoided severe gasoline price spikes like the historic 2022 and 2023 spikes, and retail gasoline prices have been lower and more stable in 2025 than in previous years, even despite one southern California refinery closing in 2025 and multiple others experiencing overlapping outages for maintenance.

The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2%.

The previous close was 6.9830

PBOC injects 28.6bn yuan in open market operation reverse repos at an unchanged rate of 1.4%:

• after maturities today the PBoC has net drained 500.2 bn yuan

In other news from China earlier:

• China flags rate and RRR cuts in 2026 as PBoC leans dovish

• • PBoC signals rate cuts and RRR reductions in 2026

  • Monetary policy to remain “appropriately loose”

  • Focus on boosting demand and stabilising growth

  • December LPR left unchanged for seventh straight month

  • Yuan stability remains a key policy constraint

• China’s central bank said it will cut reserve requirements and interest rates in 2026 to keep liquidity ample, reaffirming an appropriately loose policy stance aimed at supporting growth, managing risks and keeping the yuan broadly stable.

And:

• China is considering stricter reviews of rare-earth export licences to Japan, with the Commerce Ministry also saying it will prohibit all dual-use exports destined for Japanese military end-users.

—

Not related, but the focus for the session here earleir:

• Australian CPI slows to 3.4% in November, core inflation still firmly above target

• Australia’s inflation pulse softened in November, with headline price pressures easing more than expected, though underlying inflation remains uncomfortably firm for policymakers.

  Data from the Australian Bureau of Statistics showed the Consumer Price Index rose 3.4% year-on-year in November, down from 3.8% in October and below market expectations of 3.7%. On a monthly basis, headline CPI was flat (0.0%).

  Underlying measures also edged lower but remained elevated. The trimmed mean CPI, the Reserve Bank of Australia’s preferred gauge of core inflation, slowed to 3.2% y/y from 3.3%, broadly in line with expectations. On a monthly basis, trimmed mean inflation rose 0.3%, unchanged from October. The weighted median CPI also increased 0.3% m/m and stood at 3.4% y/y.

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Port of Seattle Executive Director Steve Metruck announced today that Wendy Reiter has been selected as the new Managing Director of Seattle-Tacoma International Airport (SEA), effective January 7, 2026. A veteran leader at SEA and longtime partner to key federal aviation agencies, Reiter currently leads Security, Fire, and Emergency Preparedness for SEA. Over the last 35 years she has held key management roles with airports and airlines in Seattle and in the Midwest.

“Wendy Reiter brings an exceptional combination of leadership, industry knowledge, and genuine commitment to the people who work at, live near, and rely upon SEA,” said Executive Director Steve Metruck. “Reiter will guide a leadership team tasked with completing our current Upgrade SEA program, in time for the FIFA World Cup. She will also be responsible for launching a new phase of development on our airport master plan and continuing to pursue excellence in our service and our facilities to ensure a safe and accessible travel experience for all.”

“The SEA community of workers, partners, and neighbors has been my highest priority for 20 years,” said Reiter. “We have a great responsibility to our community to meet the aviation demand in the region through excellent service, improved sustainability, and with an eye toward continually expanding opportunities equitably. Our leadership team and employees are ready to meet these challenges, and I am honored by the opportunity to lead SEA.”

Reiter steps into the role as SEA turns its efforts from upgrading existing facilities toward a vision for the future. She will lead a division of 1,200 direct employees. SEA is the 11th busiest airport in North America by passenger volume and among its best connected in terms of service. In its 2026 budget, the Commission authorized the Aviation Division 2026–2030 capital plan at $3.75 billion, with $847 million in spending expected in 2026.

As SEA returns to pre-pandemic record-breaking passenger volumes, achieving all of the Aviation Division’s goals requires strategic planning and strong coordination with partners and the community.

The airport is the Port of Seattle’s largest line of business, with hundreds of private employers with as many as 24,000 employees working at SEA. The airport supported nearly 175,000 regional jobs in 2023, worth $10.5 billion in wages and benefits and $33.3 billion in business output.

The Managing Director for SEA also plays a critical role in the community by representing the Port in community dialogue through groups, including as the chair for the SEA Stakeholder Advisory Round Table (START) and as a representative on the Highline Forum.

Contact

Perry Cooper | SEA Airport 
(206) 787-4923 | [email protected]