U.S. Retail Sales Declined in February as Weather Impeded Demand
“U.S. retail sales declined in February, when inclement winter weather settled over large swaths of the country, representing a temporary setback in demand that’s poised to accelerate in coming months. The 3% decrease in total retail receipts followed an upwardly revised 7.6% surge in January that was the strongest advance in seven months, Commerce Department figures showed Tuesday. The median forecast in a Bloomberg survey of economists called for a 0.5% drop in February.”
Bank of England Breaks From ECB’s Effort to Curb Market Rates
“The Bank of England this week is set to drift further away from the European Central Bank and other monetary institutions actively trying to rein in the surge in bond yields. A week after the ECB pledged to speed up the pace of its asset purchases, BOE policy makers are expected to maintain theirs on Thursday. They are shrugging off an increase in market borrowing costs that pushed the yield on U.K. 10-year bonds to the highest since before the pandemic started last year.”
Bank of Japan Seeks Only Tweaks to Stay Aligned with Fed, ECB
“The Bank of Japan’s policy review to shore up its stimulus for the longer term is set to land this week as rising bond yields cause angst for central bankers around the world. The European Central Bank has already made clear it intends to keep pumping out more stimulus while the Federal Reserve is expected to remain cautious over the strength of the post-pandemic recovery at its meeting starting Tuesday.”
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