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US bad data dump; but it’s inflation that matters!
The US released a host of December economic data this morning, and all missed BIGLY. December Retail Sales was -1.9% MoM vs and expectation of 0% and a lower revised November print to 0.2% MoM. This was apparently due to people moving forward their holiday shopping to make sure items arrived on time. December’s Retail Sales ex-Autos print was -2.3% MoM vs +0.2% MoM expected and a lower revised November print to 0.1% MoM. Also, this morning, the US released Industrial Production for December at -0.1% MoM vs +0.3% MoM expected. The November print was revised slightly higher to 0.7% MoM for November; however, the ... (full story)