Consumer Back in Focus with Today’s Retail Sales Report

The “consumer resiliency” theme will once again be tested

Highlights

• The “consumer resiliency” theme will once again be tested by today’s retail sales report 

• Part of the story in the bond bear markets is constraints on banks’ ability to provide liquidity 

• Bond markets like the direction of travel in U.K. wages 

• Shelter has been responsible for 70% of U.S. core inflation this year — and it is set to fall