Another month of data culminated in the coronation of pin-up Rosy Scenario at the latest Plutocrats Assembly in Davos. Q4 GDP worked out well for most economies (especially for China, quelle surprise), Employment is still at or close to record levels in Advanced Economies, Manufacturing is back globally and Inflation is still subdued. What to look out for in February is how much of the rosiness is shared by hoi polio: consumer confidence may be buoyant in the Euro Area but has been cooling in the US and still has got going in Japan. There are signs of slowing in consumer spending even in China and also in the US (following a post-hurricane surge) as household incomes remain squeezed (Figure 2). Average Earnings and Retail Sales will be the key to the sustainability of global growth in 2018. Meanwhile, the UK is already experiencing negative Consumer Confidence, negative Average Earnings (net of Inflation) and depressed Retail Sales. Employment has hit record highs and the Manufacturing Sector is still having a good run but the much larger Services Sector is struggling. After all the cries of ‘Wolf Wolf’ and finger-pointing over Brexit forecasts it really does seem that the UK economy is on a different trajectory and the next few months will reveal more about how much damage we have inflicted on ourselves.