Supply Chain Stress Monitor - 2023-07-17
Date:
Tuesday, July 18, 2023
Summary:
Retail sales grow, but less than last month and well below consensus -- and it's not supply chains, they're all completely restored according to all indicators. With bank lending now flat in the four months since Silicon Valley Bank failed, and CPI within a hair of the Fed's target, what possible reason is there for raising rates at next week's FOMC?