Lara Rhame Downward Quotations

Markets initially seem to be focusing more on the downward revision in growth than the upward revision to the deflator.

Today's report was a case of familiar culprits -- apparel prices continue to put downward pressure on inflation, and housing and medical care continue to put upward pressure on inflation.

On balance, it is a modestly dollar negative set of data. Retail sales growth was a little weaker than markets had expected, with a downward revision to the ex-auto sector.