![Dollar to seek direction from US retail sales as yield rally stalls [Video]](https://i.headtopics.com/images/2023/10/17/fxstreetnews/dollar-to-seek-direction-from-us-retail-sales-as-y-dollar-to-seek-direction-from-us-retail-sales-as-y-237CA1050987344C613E5ABF541124A0.webp)
Is consumer spending starting to cool? The US economy has been chugging along quite nicely in 2023 despite hitting several bumps on the road and Fed p
Retail sales in America likely grew at a more moderate pace in September Will the data support a Fed pause in November? Or will it fuel the rally in yields and the dollar when it’s out on Tuesday olicy becoming more restrictive than what many investors had anticipated at the start of the year. The Atlanta Fed’s GDPNow forecast model is estimating third quarter growth of 5.1% - that’s well above the recent average of just above 2.0%.
More importantly, this hasn’t gone unnoticed at the Fed and officials appear to all be in agreement with one another that the jump in long-term borrowing costs since the last FOMC meeting in September broadly amounts to an equivalent 25-basis-point rate hike. However, investors have yet to hear from the Fed chief himself, so Jay Powell’s address on Thursday before the Economic Club of New York could be crucial.
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