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Key events:         UK – Construction PMI (Feb) Canada – Ivey PMI (Feb) Despite the Fed's best efforts, the labor market remains overheated as initial jobless claims fell by 2,000 (n/a) to 190,000 and U.S. service sector business activity remains elevated. In the context of fighting inflation, this threatens to lead to a tightening of monetary policy and, consequently, a worsening of economic conditions.