The consumer is consuming! In another blow to the Fed’s attempt to cool inflation, the US consumer remains strong in the face of rising interest rates and persistent inflation. After seeing a welcome decline in retail sales for the months of November and December, the consumer rebounded strongly in January as retail sales jumped 3%, cruising past the estimated 2%. Treasury rates reacted as expected, climbing higher and approaching levels last seen at the end 2022. We are looking at the US5Y (4…
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