According to the latest US Conference Board survey, headline Consumer Confidence fell to 113.8 in January from 115.2 (revised lower from 115.8) in December, less than the expected decline to 111.8. The drop slight drop reflects the impact of the rapid spread of the Omicron Covid-19 variant in the US over the last few weeks, but remains substantially above prior pandemic lows in the 80 area, endorsing the Fed's view that the economy has become more resilient to each new Covid wave.
Market Reaction
FX markets do not seem to have reacted to the latest, despite it underpinning the idea of economic resilience in the face of the Omicron variant which should underpin Fed confidence in the economic recovery.
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