What the markets giveth, the markets taketh away – we rallied back the selloff from the previous week. Here are my takeaways from the past week: Retail Sales bounced back. But the markets treated it like a dead cat bounce… probably because the yoy increase was only 1.3%, and excluding autos the “growth” was only 0.3% yoy.  3% growth in a YEAR is not the stuff that a rate hike cycle should be based on.  Is this part of the new normal?  (see write-up in the next section) CPI was firm. Yoy, it nudged higher to 1.753% (from 1.698% last…

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