Dockworkers strike was predicted, retailers have been stockpilingRetailers have about two weeks of extra inventory, there will be an effect afterwardsDockworkers strike could have supply-chain effects, that could mean some increase in pricesWe’ve largely gotten inflation downThe new inflation numbers are at the Fed’s target, the labor market is at full employment25 vs 50 bps not as important as getting rates down over the next 12 monthsThere has been a ‘partizanization’ of consumer sentiment readings, making them less useful
He’s giving himself a round of applause here. I also wonder if stockpiling didn’t skew some of the data before the strike.
As for the partizanization, this chart of UMich confidence speaks for itself:
This article was written by Adam Button at www.forexlive.com.
