After a series of hotter-than-forecast inflation data, it took just one soft retail sales figure to put a second rate cut back on the table for traders. It was a big miss and any evidence that consumer resilience is cracking is a red flag, given they have been the backbone of US economic recovery from the pandemic era.
This underscores the importance of tariffs as a catalyst for markets, as a lot of cost is expected to be passed on to consumers. Uncertainty over the timing and implementation of such levies is still up in the air.
Yardeni Research President Ed Yardeni explains why he remains bullish and says the Federal Reserve has "accomplished" its dual mandate of promoting maximum employment and stable prices. Ed speaks with Tom Keene and Paul Sweeney on Bloomberg Radio.
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