Retail Sales Sing Into the Holidays

Wells Fargo Research Team Wells Fargo

U.S. Review

Retail Sales Sing Into the Holidays

As was widely expected, the Federal Open Market Committee (FOMC) hiked rates this week. The top range of the fed funds rate now stands at 1.50 percent.
Inflation measures started to show signs of emerging price pressures for producers and consumers.
Retail sales for November showed that the holiday shopping season was off to a strong start. Overall sales rose 0.8 percent for the month.
Industrial output rose 0.2 percent in November with manufacturing output also climbing 0.2 percent.

Global Review

Global Central Bank Meetings

It was a big week for central banks as the Federal Reserve, the Bank of England and the European Central Bank all met.
After a period in which the Fed was somewhat by itself in terms of raising rates, there is now a widening front along which other major central banks are either also raising rates or, in the case of the ECB, at least guiding monetary policy in a somewhat less expansionary direction.

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Wells Fargo Research Team

Wells Fargo

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