**As seen in Risk In The Week report 03/11/23, subscribe at cablefxm.co.uk/reports
January retail sales rebounded to post its best month since March 2021, the headline posted a rise of 3.0% M/m vs the prior -1.1%, this was higher than the median survey of 2.0%. Also, the figure came to match the highest in the forecast range compiled by Bloomberg. The metric excluding autos rose 2.3% compared to the prior month, while the control group sales increased by 1.7% vs estimates of 1.0%. January numbers came in to corroborate the view that the U.S. economy remains strong, and the Fed has much more to do. The desk at Scotiabank said that the February’s retail sales print might show some of the strength presented last month. The desk at RBC stands slightly more optimistic than the consensus at -0.1%, they noted softness in vehicle sales, declining by 3.3% on the month.
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