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Distorted data makes it hard to read the macro tea leaves

The final full week of the year delivered a smorgasbord of shutdown-affected data releases, some fresher than others and some downright rotten. We doubt this new batch of data will have any major bearing on the outcome of the FOMC’s January meeting, especially given Chair Powell's comments last week that the data would need to be considered “with a somewhat sceptical eye”.

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