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US Retail Sales Leave FOMC Narrative Unchanged
Mercifully -- because the Fed and traders scarcely needed any additional variables to incorporate while pondering the "correct" size of Wednesday's rate cut -- there were no big surprises in US retail sales data released on Tuesday.
The headline nominal spending print did top consensus with a small gain against economists' expectations for a 0.2% pullback, but the ex-autos print was a tepid 0.1%, less than forecast.
The prior month's headline gain was revised to reflect a 1.1% advance, an even
