Economy Runs Hot While Fed Fiddles

Retail sales for October came in hot at 1.7% MoM vs 1.4% expected. Excluding gas and motor vehicles, sales gained 1.4%. These are the highest prints since March’s blowout data and represented strong results across the board. Strong Walmart and Home Depot results underscored the print.Note that retail sales are adjusted for seasonal factors, but not for price changes. In other words, the increase was aided by inflation – 0.83% in October.

Futures are off slightly as we await capacity utilization and industrial production.continued for members


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