US storms are still playing havoc with markets
While analysts thought that freakishly cold weather over the winter wouldn't dent US growth, many are now starting to question the usefulness of all recent data.
Nick Beecroft, chairman at Saxo Capital Markets, says that the storms are now fooling markets. He says that "the dreadful ice and snow storms that have been battering the east of the US are obscuring the real strength of the economy recovery".
That could see investors miss out on opportunities over the next few weeks, says Beecroft. We've seen the effects of the storms in distorting jobs numbers, construction, manufacturing, and vehicle sales.
The only signs of spring come in the form of the January employment report, which showed an increasing labour force participation rate and a fall in the broader U6 unemployment measure – something Fed chair Janet Yellen has her eye on.
Societe Generale's Kit Juckes told us to wait "until the snow melts and the true data picture emerges" back in January, but weeks after the worst of the weather and the picture still seems very fuzzy.