Just More Adjustments

At first glance, today's update on retail sales for September seemed "strong" and robust", the sort of thing that should make the FOMC think twice about fifty more basis points in cuts before year end. But, if you dig deeper, you find that the report... just like the BLSBS of two weeks ago ...was heavily goosed by "seasonal adjustments", allowing for the appearance of a "solid consumer" right before the election.

So, here's the headline number that hit at 8:30 ET. Looks great, doesn't it?!?...