October Retail Sales Surge, Defying Economic Caution
TL;DR Summary
October retail sales slightly exceeded expectations, rising 0.4% compared to the anticipated 0.3% increase, while sales excluding food and gasoline rose just 0.1%. This comes amid Federal Reserve Chairman Jerome Powell's comments that there is no rush to cut interest rates, despite recent inflation data aligning with forecasts. The S&P 500 saw modest declines, reflecting market uncertainty about future rate cuts. The odds of a December rate cut have decreased following Powell's remarks and the retail sales report.
- Retail Sales Follow Powell Caution On Fed Rate Cuts; S&P 500 Futures Fall Investor's Business Daily
- October retail sales top estimates, September spending revised sharply higher Yahoo Finance
- Retail sales climb again ahead of holiday shopping season. U.S. economy still has momentum. MarketWatch
- US Retail Sales Increase on Autos in Start to Holiday Season Bloomberg
- Retail sales up solidly in October as Americans showed continued willingness to spend The Associated Press
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