Another case of good news is bad news today for stocks as retail sales came in strong with all metrics beating estimates. Today’s data confirms the US consumer remains strong and willing to spend, supporting a more restrictive Fed policy. This was reiterated by Fed Kashkari today, during a townhall where he would not commit to stopping rate hikes. However, he does see “positive signs” and will rely heavily on the data leading up to the next Fed meeting. Despite this move in retail sales, CME data still showing an 88% chance of a pause in September.
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