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Citibank analysis team suggest that in the US, weakness in housing sector has overshadowed stronger consumer confidence.

Key Quotes

“Consumer confidence for February rises from 121.7 to 131.4 versus 124.9 expected but December housing starts decline as weakness continues (fall to 1078k).”

“Citi analysts anticipate a drag on real GDP growth from residential investment, adding further moderate downside risk to Citi’s tracking of 2.5% Q4 GDP.”