The big event last week was Yellen’s testimony.  The Appendix has my initial thoughts and the next section contains my further thoughts.  Here are my other takeaways from the past week: Retail sales were surprisingly weak. The core was expected to be +0.6%, and instead we got -0.2%.  7% yoy for core retail sales does not speak to the kind of economic strength one expects before a hike. Core CPI nudged higher last week to 1.8% yoy. But rather than give my usual spiel about housing inflation, I present to you a chart from my friends as the WSJ.  That’s…

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