The Morning View: June 17, 2019

  • June 17, 2019

Senior Vice President / Portfolio Manager

In this morning’s announcement, Retail Sales increased 0.5% in May, slightly less than expected. Strength in non-store retailers, electronic stores, and sporting goods drove the increase. The Control Group, which excludes sales for food, autos, building materials and gas stations, also increased 0.5% in May, a bit more than expected. Furthermore, all Retail Sales figures from the previous month were revised markedly higher, improving from the flat to negative readings originally reported. A decent report, especially considering the revisions, which indicates consumers continue healthy spending despite weak inflation; a juxtaposition the Federal Reserve needs to consider for their interest rate policy in the months ahead. Following the report, bond yields moved higher, the U.S. dollar strengthened, and equity futures are lower heading into the market open.

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