The week began with signs the US economy was proving more resilient than expected, with medium term inflation edging higher to 3.1% (+10bp). Thanks to a rebound in new orders, the Empire State survey was a positive 11.5 compared to minus 4.7 in July, the Michigan University index advanced to 69 and industrial production rose 0.8%. Retail sales came in at +0.1% when they were expected to fall 0.2%.
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