UK economy recovers to pandemic levels; pound highest since 2016 – business live | Business

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The US retail sales report was rather disappointing in December, perhaps a sign of consumers being more restrained as a result of omicron, not to mention early Christmas prep in anticipation of supply issues.

Markets seem a little directionless after the release, which could be a sign that investors don’t know how to take the data. A strong report would have been positive for the economy but also feed into the argument for faster tightening, which is not being particularly well received at the moment. A few weak reports may, on the other hand, encourage caution from policymakers.

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