Insight and anecdote
- The US finally gets around to offering some sensible economic insights. The unrelenting hedonism of the US consumer will be on display with retail sales although the headline is likely to be dragged down by weak gasoline prices (this is a nominal measure).
- There is also the release of the US Beige Book of anecdotal evidence today. Given market concerns about global growth, reports on the nature of domestic consumption are likely to be closely sought after. The issue of spare capacity is also a recurring focus for policy makers.
- Euro area data is relatively scant, with German final CPI inflation due. The weaker euro will eventually show up through energy prices. Chinese CPI inflation was contained by weaker local food price inflation.
- UK labour market data is scheduled, and the strength of the employment position in the UK should again be highlighted. The weaker CPI inflation has tempered expectations of Bank of England tightening, but it is worth remembering that the Bank has already tightened two measures of policy.
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