Bank of America highlights softer card spending data ahead of next week's retail sales ...Middle East

The retail sales report is due on Tuesday, just one day ahead of the FOMC decision. The consensus for the headline right now is +0.1% but they expect it to be soft, including a 'control group' reading at 0%.

"Spending on home improvement, groceries, and general merchandise was particularly soft in May," BofA noted.

Compared to June 2024, all four big ticket spending expectations we track have declined y/y, consistent with our observations in May. Plans to buy New Appliance declined the most y/y, dropping from 35% LY to 31% this month. Plans to buy a New Home declined modestly from 24% LY to 22% this year but upticked sequentially.

Is the economy finally starting to slow?

h/t @neilksethi

This article was written by Adam Button at www.forexlive.com.

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