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After of this report, the market was pricing in a 95% chance of a Fed cut in November and a similarly high probability of two cuts this year.
There is no sign of consumer weakening in this report and that’s cut the odds of a Fed cut in November down to 87% from 95% in the Fed funds futures market.
Nonstore retailers (mostly e-commerce) continue to show strength, up 7.1% from last year. Food services and drinking places also performed well, rising 3.7% y/y in a good sign of a healthy consumer.
The robust sales figures suggest consumer resilience in the face of elevated inflation and rising interest rates.
This article was written by Adam Button at www.forexlive.com.
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