Ugly retail sales out this morning.....
really shocked me....
Retail Sales 0.3%, M/M, Exp. -0.1%
Retail Sales ex autos -0.3%, Exp. 0.0%
Retail Sales control group 0.0%, Exp. 0.5%
*Walter Bloomberg (@DeItaone)
*Philadelphia Fed Sep Business Index -9.9 Vs Aug 6.2
Twitter•Today at 8:30 AM
Some ugly numbers there.....market liked it at 1st since rates are doing there work, but doesn't bode well for economy and corporate profits.............probably another chop day, but retail sales were disappointing.....thought they would be better with school starting and etc.
LT Macro, but here are our 2 options longer term.....
The Kobeissi Letter
@KobeissiLetter
Until supply-side inflation slows down, this market will continue to fall.
Due to surging supply-side inflation, the Fed has 2 choices:
1. Raise rates and send us into a severe recession
2. Leave rates unchanged and send inflation to 20%
Either way, more volatility is ahead
