NOT Always Sunny! Philly Fed Business Outlook Falls To -13.7 As Retail Sales Surprise To The Upside (1 Hike Expected At July FOMC Meeting) – Confounded Interest – Anthony B. Sanders

Now that I know that the US is building a railroad from the Pacific Coast to the Indian Ocean (according to Resident Joe Negan), I feel so much better. /sarc

On the other hand, The Philadelphia Fed’s Business Outlook index for June fell to -13.7.

On the positive side, retail sales surprised to the upside which would ordinarily trigger more rate hikes from The Fed. +0,3% MoM in May versus -0.2% MoM expected.

Now Fed Funds Futures are pointing to a rate hike at the July FOMC meeting.

Of course, Biden just had his primary opponent in the 2024 Presidential election and charged with document mishandling.