UBS On-Air: Paul Donovan Daily Audio 'Never short the hedonism of the US consumer'
UBS On-Air: Market Moves - Un pódcast de Client Strategy Office
Markets seemed surprised that US December retail sales were stronger than expected. This is weird—some part of US retail sales data surprised positively every single month during 2023. Never go short the hedonism of the US consumer. The Federal Reserve’s Beige Book suggested leisure travel also benefitted. However, unlike 2021/22 this spending is unlikely to be indifferent to prices— but instead to be a response to price discounting.
