There was almost nothing in the July retail sales report for the perma-bears to latch on to, with the rebound in retail sales led by a recovery in vehicle sales, but encouragingly broad-based with control group sales rising. That increases the likelihood that the Fed will kick off its loosening cycle with a 25 bp cut in September, rather than a 50 bp move as markets were recently pricing in.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.