More data at the top of the hour
The past couple months have been a black eye for the UMich consumer sentiment survey. It plunged in Aug/Sept but we just got the September retail sales report and it was very strong after a similar beat in August.
In any case, we get another edition at the top of the hour. The inflation expectations numbers could be a bigger market mover than the headline.
Meanwhile, we're going to get US business inventories as well. I maintain that the single biggest under-appreciated economic factor at the moment is the coming tsunami of inventory building that's going to run through 2023. No one is going to be caught out by the supply chain again.
