The consumer remains on the sidelines while inflation languishes

Stripping out hurricanes impacts on auto and gasoline sales, retail sales growth remains pitiful. That´s clear when you compare sales growth over the past two years with growth in the years before the crisis. Meanwhile, average CPI-Core inflation on average was much the same in the two periods. The only reason the Fed obsesses with “low inflation” at present is that it now has an explicit 2% target. On the data release, the long bond yield tumbled….

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