Which Way Is Up?

Which Way Is Up?

Markets may feel lackadaisical in the new week. It's the middle of August, after all. The data docket isn't totally devoid of notables. In the US, retail sales figures for July will get top billing, as market participants  continue to assess the health of the American consumer in the face of what, if you go by Larry Summers's reconstituted series, may as well be the hottest inflation in the nation's history. Consensus expects a small gain from the retail sales print (figure below). Markets ha
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