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Neither snow, nor rain, nor gloom of night...

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  • Fed Chair Yellen's Senate testimony has been postponed owing to forecasts of a light dusting of snow in Washington DC (no new date is set). However, there was not much new information expected from the second round of Congressional explanations.
  • US retail sales are expected to struggle through snow and ice (much like the resolute nature of the US consumer, single minded in their pursuit of the shopping mall). We forecast 0.1% for January, with gasoline sale doing their bit to boost the headline.
  • The Bank of England Chief Economist Dale (contender for the vacant deputy governor spot) was attempting to replace the Canadian version of forward guidance with something more credible, suggesting market expectations of a rate increase in 2015 were reasonable.
  • Portugal got another slug of cash from the IMF (don't tell the Germans), but also received some finger wagging on the need for discipline. The ECB monthly bulletin is due and there are inflation figure from Germany and the Netherlands.

Listen to the audio version of this briefing.