Technical Review

Seasonally Adjusted Data

On Thursday the Census Bureau reported September Retail Sales. “Advance estimates of U.S. retail and food services sales for September 2024, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $714.4 billion, an increase of 0.4% from the previous month, and up 1.7% from September 2023.” Wall Street had forecast a 0.3% increase, so this counted as a beat and was viewed as positive. The S&P 500 spiked to an all time high on the open and the 10-year Treasury yield rose by 0.08% to 4.096%.

As the statement noted the Census...

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