After January’s much-heralded rebounded from December’s “well it can’t be real” plunge, retail sales were expected to continue the rebound in February (albeit at a slower pace) but they did not – disappointing gravely.

Against expectations of a 0.2% rise, headline retail sales dropped 0.2% MoM in February (exaggerated by strong upward revisions) and core retail sales (ex-auto and gas) tumbled 0.6% MoM. Read More.