The consumer is officially cooling down. Here are the numbers:
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Retail Sales: -0.6% MoM (Exp. +0.1%)
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Retail Sales Ex-Auto: -0.3% MoM (Exp. +0.2%)
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Control Group: -0.4% MoM (Exp. +0.3%)
The US Dollar (USD) is taking a hit. Bad news for the economy is dovish news for the Fed. This massive miss signals a severe slowdown in consumer spending, dramatically increasing the odds of faster and deeper interest rate cuts. The dollar is losing ground as yields drop in response. Traders pare wagers on more than one Fed rate hike by mid-2027.Source: xStation
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