Consumer and producer price growth both eased by more than forecast last month, spurring a rally in stock and bond markets in hopes that the Fed will downshift to smaller hikes as soon as December. US stocks opened lower after Wednesday’s retail report.
Many retailers, stuck with a glut of inventory, have deployed deep discounts to try to move stock off their shelves for the crucial holiday season. Sales at clothing stores were little changed while those at department stores fell 2.1 per cent.
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