September retail sales increased more than expected, rising 0.4% versus 0.2% expected. Ex-auto, they increased 0.5%. At the same time, initial unemployment claims came in below expectations: 241K versus 273K and 260K prior.
These data further support the notion of smaller rate cuts going forward – if not an outright pause.
For now, however, the futures added to their overnight gains on the prints, with ES approaching our 5942 target.
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