Retail Sales Higher Than Expected


Retail sales in January increased 3.0% when up 1.7% was expected.

retail clothing rack

Mortgage applications declined 7.7% in the week ended February 10, according to data from the Mortgage Bankers Association. Applications to refinance a home loan were down by 12.5% and those to purchase a home loan fell 5.5%.

The Empire State manufacturing index for February was -5.8 when -18.5 was anticipated.

The 8:15 central time January industrial production report is predicted to show a 0.5% increase and the 8:15 January capacity utilization report is estimated to be 79.1%.

The 9:00 December business inventories report is expected to show a 0.3% increase and the 9:00 February housing market index is anticipated to be 37.

Despite lower prices today the technical aspects for stock index futures remain supportive.


The U.S. dollar index is higher.

Industrial production in the euro area dropped 1.1% from a month earlier in December 2022, following an upwardly revised 1.4% growth in November and compared with market expectations of a 0.8% decline.

The annual inflation rate in the U.K. fell to 10.1% in January of 2023 from 10.5% in December, which is below economists’ forecasts of 10.3%. Inflation fell for a third consecutive month to the lowest level since September of last year.


The Treasury will auction 20-year bonds today.

Most likely the Federal Open Market Committee will increase its fed funds rate by 25 basis points at its March 22 policy meeting.

The long term outlook for futures is higher.


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