We had a massive jump in the Conference Board measure of consumer sentiment last month, and everybody will be looking for confirmation of that improvement in the Michigan survey.
We're not pricing in rate hikes any time soon, and today's data won't change that. Inflation is off the radar screen for policy makers.
Every time you see a number that shows prices decelerating, immediately you have to think of sluggish re-hiring, ... It means companies will still be closely guarding the bottom line and will be slow to add to labor.
This is what the Federal Reserve has been warning about for a long time -- we will still see consumer spending growth, but it will be more moderate than before, ... It's a retrenchment of consumer spending growth from blistering levels.