Stuff It
Retail Sales were interesting. The headline was -0.9% m/m vs. exp.-0.6%, while Core Sales were -0.3% vs. exp. 0.1%. The Control Group, used in GDP, was strong, at 0.4% vs. exp. 0.3%. Sales are still up Y/Y. That strong Control Group is probably stopping rates from going down much.
Industrial Production was -0.2% m/m vs. exp. 0.1%. Capacity Utilization was 77.4% vs. exp. 77.7%.
ABC reports the next day or two is critical to determining if a diplomatic solution with Iran is possible.
The German Chancellor said to expect a US trade deal over the summer.
The White House expects another 90-day extension for any TikTok deal.
Regulators are considering lowering the enhanced supplementary leverage ratio for big banks. More potential leverage, for good or ill. That can also help create a bigger space to stuff all those Treasury bonds...
Jobless Claims and FOMC meeting, today. Basically, no chance of a cut but the new dot plot comes out to see if forecasts changed. Seems like there are hopes for dovishness but that seems unlikely, to me.
Markets are closed tomorrow for the Juneteenth holiday.