In the Goldilocks version of the economy, the Fed is nervous enough about a recession that they cut interest rates in spite of data that isn’t so terribly concerning. That’s what we’re seeing this morning, with retail sales coming in at +1.0% versus +0.4% expected but yet another negative Phiidelphia Fed index.
The algos are quite happy, with ES popping up past our 5491.50 target and our next higher target in sight.
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