Fed Rate Hikes Getting Priced Out by the Day... More Room to Go

Beige Book narrative points to downside risks to today's July retail sales report.

Key Takeaways

• Retail Sales Data in Focus: The key number today is July retail sales at 8:30 a.m. ET. The consensus is +0.1% on the headline and +0.3% on the “core control.” Yet, the Fed Beige Book concluded: “Several Districts noted declines in spending on discretionary items or trading down to more affordable varieties.”