Yesterday was a bit of a jaw dropper, but from a macro perspective things remained unchanged. Going into today the big question was whether the bounce would continue, but a surprise from both Retail Sales and University of Michigan prevented that from happening. The headline Retail Sales figure missed, and spending in 7 of the 13 retail categories declined last month. University of Michigan sentiment did come in higher than expectations, but the one year inflation outlook ticked up for the first time in 7 months.
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