US retail sales dropped the most in 10-months.The yellow metal slips for the second-consecutive day amid dismalDuring the North American session,failed to capitalize on worse than expected US Retail Sales, Industrial Production, and UoM Consumer Sentiment. In the meantime, the US 10-year benchmark yield advances firmly five basis points, sitting at 1.771%, regaining some ground, after hitting 1.808% at the beginning of this week.
Adding fuel to worse than expected US economic data releases, the UoM Consumer Sentiment fell to 68.8, versus 70.0 estimated. Earlier in the day, the New York Fed President John Williams crossed the wires. He said that “the economy is near maximum employment” and emphasized that theneeds to tackle inflation. Williams further noted that some “factors driving inflation are still related to pandemic effects.
John Williams expects inflation would drop to 2.5% by the end of the year, and it would reach the US Fed’s 2% target in 2023. In the meantime, San Francisco Fed’s President Mary Daily said that the main reason for inflation is Covid-19. She said that the central bank needs to adjust its policy and that “slowing the economy a little bit with rate hikes will help bring demand down into better line with supply.”
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