Weekly Economic Update: January 22, 2024
• Yields increased over the week with the two-year Treasury note rising by 24 basis points to 4.38% while the five-year note increased by 22 basis points to 4.05%.
• Retail sales and sales excluding autos and gasoline both beat expectations advancing by a robust 0.6% in December as the consumer finished 2023 in a resilient and generous fashion.
• The control group of retail sales, which feeds directly into the calculation of GDP, advanced by a sizeable 0.8% in December boosting growth and consumption expectations for the final quarter of 2023.
• Economic releases slated for the week include the first look at Q4 2023 GDP growth due out on Thursday as well as more December inflation figures with the Personal Consumption Expenditure Deflator due out on Friday.