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Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• There’s more at stake than an interest-rate hike at next month’s Bank of England meeting, giving traders extra reason to correctly call the decision from the increasingly unpredictable central bank
• Britain’s low-income households will spend almost a fifth of their income after housing costs on energy bills starting in April, when a cap on prices is allowed to rise
• The Bank of Japan adjusted its view of inflation risks for the first time since 2014 but only nudged up its price forecasts a fraction, suggesting moves toward phasing out stimulus are still distant
• The omicron wave sweeping the globe has already dealt a blow to the recovery, but the big unknown is what happens if it collides with China’s zero-Covid strategy, pushing the world’s factory back into lockdown, according to Bloomberg Economics
• Treasury Secretary Janet Yellen marked Martin Luther King Day by saying the economy has “never worked fairly for Black Americans”
• China’s property sector shrank at a faster pace in the final three months of last year as the country’s housing slump continues to take its toll on the economy
• Read our Pret Index to find out what sandwich sales are telling us about the return to offices
• Brazil analysts raised their inflation forecasts for this year and next while a gauge of economic activity rose for the first time in five months

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