Retail Sales Improve Across the Board. Rates Move Higher
Posted To: MBS Commentary
Retail Sales data has hit screens. It was much better than expected. Rates no likely. February, Retail Sales rose 0.3% vs. an expected decline of 0.2%vs. a revised for the worse +0.1% print in January (from +0.5%) . Excluding autos, sales rose 0.8%, crushing forecasts for a 0.1% improvement. Looking deeper into the data, percentage gains were led by the electronics/appliances category as well as food and beverage buying (snow storm help that out?). Miscellaneous store sales were up 2.5% too. Year over year, retail sales are up 3.9%. Remember how bad things were at this time last year…. Looking at the data in terms of actual dollars spent. Excluding autos…retail sales improved in every category except health care. Food and beverage and general merchandise sales were notably large, also note…(read more)
The Week Ahead: Treasury Auctions Highlight Slow Econ Calendar Until Friday
Posted To: MND NewsWire
Equity futures are moderately higher ahead of a fairly light week of economic data. Dow futures are trading 18 points higher at 10,563 and S&P 500 futures are up a 2 points to 1,138. Commodities are also edging slightly higher with WTI crude oil up 33 cents to $81.83 per barrel and Spot Gold up 54 cents to $1,135.19. Meantime, the US dollar is a bit lower against the euro since France’s Nicolas Sarkozy said the continent would help Greece: “if it were necessary, the states of the euro zone would fulfill their commitments.” In terms of data the week ahead doesn’t quite begin until Wednesday afternoon when the Treasury releases its budget statement. On Thursday, weekly jobless claims will be accompanied by the monthly trade balance. Friday’s retail sales index…(read more)