U.S. retail sales unexpectedly rose in November as the holiday shopping season got off to a brisk start amid deep discounting, likely keeping the economy on a moderate growth path this quarter and further alleviating fears of a recession. The rebound in retail sales reported by the Commerce Department on Thursday underscored consumers' resilience, thanks to a strong labor market, and cast doubts on financial markets' expectations for a rate cut as early as next March. The Federal Reserve held interest rates steady on Wednesday and signaled in new economic projections that the historic tightening of monetary policy engineered over the last two years is at an end and lower borrowing costs are coming in 2024.
U.S. retail sales fell for the first time in seven months in October as motor vehicle purchases and spending on hobbies dropped, pointing to slowing demand at the start of the fourth quarter that further strengthened expectations the Federal Reserve is done hiking interest rates. Retail sales are mostly goods and are not adjusted for inflation.
(Bloomberg) US inflation sharply cooled last month, offering fresh hope that the Federal Reserve can soon wrap up the most aggressive interest-rate hikes in decades.Most Read from BloombergSingapore Minister Faces Most Serious Graft Probe Since 1986DeSantis Says No Thanks to $377 Million in US Energy FundsSaudi Arabia’s PIF Wealth Fund Takes $11 Billion Investment Hit‘Pivotal’ US CPI Report to Show Lowest Core Inflation Since 2021US Inflation Hits Two-Year Low, Giving Hope for End to Fed Hike
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