It’s a miracle… give the worst creditors access to cheap money for longer-and-longer terms and hey presto… ‘expensive’ stuff is available to everyone. Retail sales modestly beat expectations in November (+0.7% vs +0.6% expectations) – sending USDJPY spiking to confirm what great news this is. The driver of all this exuberance… Vehicle sales +1.7% MoM. Oddly, for all those prognosticators looking for windfall tax cuts from the oil price plunge, gasoline station sales dropped only 0.8% MoM – not exactly the consumption-boosting exuberance every talking head proclaims.. These numbers appear to be clearly in the “Fed wants to hike” narrative.
via Zero Hedge http://ift.tt/1GgYMEO Tyler Durden