Disappointed in retail sales data

Philly Fed President Charlie Plosser (not a voting member) has announced officially that he will be stepping down in March. Plosser is one of the feds more hawkish members. The decision to step down is not a huge surprise.

He adds:

  • can justify 0% interest rates in the current economy
  • consumer in better shape than a long time
  • he does not get too excited about 1 months number
  • Inflation weakness driven by drop in energy prices. We have to look through that.