From John Carrico at Bank of the Ozarks: Today’s information regarding retail sales was good, not great but seems to be enough to boost confidence in the market as some believe it is on an upward trend. There will be a report midday that will give an outlook for the economy. The 10 yr treasure bills are up today nearly 10 points from where they closed yesterday. We should see how these affect the investors’ confidence in rates later this morning.
Dollar Gains as Increase in Retail Sales Boosts Fed-Taper Bets
By Joseph Ciolli – Aug 13, 2013, Bloomberg News
The dollar gained versus most of its major peers after a report showed retail sales increased in July for a fourth consecutive month, adding to speculation that theFederal Reserve will reduce the pace of monthly bond purchases.
U.S. Stocks Fall as Retail Sales in July Miss Forecasts
By Lu Wang and Nick Taborek – Aug 13, 2013, Bloomberg News
Data today showed retail sales rose 0.2 percent in July, following a 0.6 percent gain in June that was larger than previously reported, according to Commerce Department figures. The median forecast of 81 economists surveyed by Bloomberg called for a 0.3 percent advance.
Fed Bank of Atlanta President Dennis Lockhart will give a speech at 12:45 p.m. on the outlook for the U.S. economy. Lockhart said in an interview with Market News International on Aug. 7 that the Fed may reduce its bond purchases as early as September.
“The progress to date is pretty impressive and certainly should be factored into the readiness of the economy to move forward without asset purchases,” he said in the article.