U.S. Retail Sales Surprise with Strong October Growth, Dampening Rate Cut Expectations
U.S. retail sales saw a stronger-than-expected rise in October, driven by increased consumer spending on motor vehicles and electronics, signaling a robust start to the fourth quarter of the year. The positive sales report, along with significant upward revisions to September’s data, added to optimism about the economy’s momentum.
The data also came alongside a rebound in import prices, prompting traders to reduce expectations that the Federal Reserve would lower interest rates in December. Fed Chair Jerome Powell remarked that the economy is not indicating a need for a quick rate reduction, further easing market concerns.
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