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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US OUTLOOK/OPINION
April's (and March's upwardly revised) retail sales figures were solid enough to warrant a potential upgrade of GDP estimates in both Q1 and Q2 via consumption. That's despite high inflation boosting the nominal readings, as real gains were seen robust regardless.
- One question that will linger is how healthy the underlying consumption dynamics are, given that it appears that consumers are increasingly borrowing and dipping into savings to make purchases.
- The answer will have to wait for a few more weeks, as we only have March data on those dynamics so far.
- The Federal Reserve data shows revolving credit - which includes credit card debt - rose in March by the most since 1998 (at +35.3% annual rate - see chart). Meanwhile, the personal savings rate in March (6.3%) was the lowest since December 2013, continuing to move down vs COVID stimulus payment-fuelled highs.
Source: St Louis Fed FRED, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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