To end a busy week of economic data, two major economic releases are due out on Friday. Starting with retail sales at 8:30 A.M., we are expecting to see consistent data compared to recent months and no slowdown in domestic retail sales. Following retail sales is University of Michigan Consumer Sentiment, which is expected to pick up from August’s 96.2 to 96.6. Following the record-high release of NFIB Small Business Optimism on Tuesday, this would be a strong supporting piece of data showing that both small businesses and consumers are extremely confident about the direction and state of the U.S. economy. Overall, the data this week has not led to any reason for a change in our core thesis and shows continued support that we are far away from the next recession.

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