Details: Retail sales for May +0.1% vs +0.3% expected Ex-auto MoM -0.1% vs +0.2% expected. Prior month +0.2% (revised to +0.1%) Control group +0.4% vs +0.4% expected. Prior month -0.3% (revised to -0.5%) Ex auto and gas +0.1% vs. -0.1% prior (revised to -0.3%) Bank of America flagged the possibility of downward revisions based on its card data but they also thought the headlines would be strong. Given the totality of the data, this is undoubtedly negative for the US dollar and positive for bonds. The US consumer has no more money to spend in the US....
No more money to spend???? Ummmm. Hmmmmm..... Nope not true.... Even though millions live paycheck to paycheck and more than half don't have more than a $1000 in emergency funds in case of an emergency they still some how have money to buy Chipotle Starbucks, concert tickets. Brand new cars ...15 dollar glasses of wine and of course by that shiny new iphone every year it comes out. .... You can read a million articles how the consumer is completely tapped out, yet stocks continue to run to record highs, remember 70% of gdp is consumer spending so if consumers were hurting, by now we would have seen numerous negative gdp prints month over month and quarter over quarter.
On top of that you're looking at the greatest generational transfer of wealth as Boomer's die off. Mo money! Mo money! According to financial market intelligence firm Cerulli and Associates, boomers and the Silent Generation (preceding boomers) will pass down $84.4 trillion in assets through 2045, with $72.6 trillion going directly to heirs.