Good Morning!
This week, US inflation was in line with expectations and slightly lower than previous prints, while retail sales and China’s macro data disappointed. We have FOMC minutes today, which should shed some light on how the Fed is balancing the latest labour data with inflationary expectations as the Middle East conflict continues without any agreement or active bilateral talks.
Looking at the calendar ahead, on Friday, manufacturing in Germany is expected to soften but remain in growth mode, while UK retail sales are expected to contract compared with last month. Next week, we get the monthly change in PCE, forecasted to come in hotter, while US GDP growth is expected to slow in the last quarter.
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WIZARD’S WEEKLY MUSING
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