Economic data continues to be reported reflecting a solid condition in the U.S.
The Fed has abandoned the position of being data dependent and is caving to political and financial pressures to change monetary policy. The data being released does not support lowering managed interest rates. Retail sales for June, the last month of the second quarter, was reported as having increased by 0.4%. This completes a quarter when consumer spending rebounded from the weak first quarter. The control group within the retail sales report is used for the calculation of personal consumption expenditures within the GDP report. The control group increased by 0.7% for June after being up 0.6% in May.
PROBANK AUSTIN ADVISOR - JULY 22, 2019