RETAIL REVISION

While October retail sales came in slightly hot at 0.4% M-o-M, Vs. 0.3% expected, it was the huge upward revision to September retail sales from 0.4% M-o-M to 0.8% M-o-M that stole the show. This will necessarily lead to an upward revision of 24Q3 growth that now sits at 2.8%. The U.S. consumer is alive and kicking, and this strength is reducing the likelihood of a December Fed rate cut.