Economists were expecting a sharp recovery in US retail spending in January, but the actual number blew past even the most optimistic forecast. One month could be noise, but for the moment it appears that the Federal Reserve’s aggressive campaign to tame inflation by slowing economic activity is faltering.
Daily Archives: February 16, 2023
Macro Briefing: 16 February 2023
* Embattled World Bank president, David Malpass, will resign early
* Homebuilder sentiment for US rebounds sharply in February
* US Q1 GDP nowcast revised up to +2.4% via Atlanta Fed’s GDPNow model
* US budget deficit set to deepen to 6.9% of GDP by 2033, CBO projects
* US may default in July if debt-ceiling standoff isn’t resolved, CBO warns
* NY Fed Mfg Index rebounds in February but remains in negative territory
* US industrial output flat in January, but rises 0.8% vs. year-ago level
* US retail sales surge in January, in nominal and inflation-adjusted terms:
