Another upside from US data, retail sales beats
While with the grain of US resilience and outperformance, mkt holds tight into FOMC
Ahead of the FOMC, another US data beat with retail sales coming in at 0.8% (mkt 0.5), control at 0.7% (mkt 0.4%). While some of the most recent US prints have been a bit more mixed, overall, this still shows resilience in play, even with the recent downward pressure on savings rates.
Reaction to this – as well as Trump’s typically bombastic remarks on the status of the MoU and Iran in general at G7 – tending to be shrugged off as the market still has the long stare into the pivotal FOMC meeting. Dollar holding broadly stable and US2s found buyers/covering on the initial spike up as the market holds tight into the main event