Retail sales for the March month advanced +1.1% vs. +0.7% prior, surpassing the market consensus of +0.9%. Much of the advance is attributed to the jump in motor vehicle sales, up +3.1% vs. 2.5% prior. Excluding motor sales, retail sales increased a solid +0.7% vs. +0.3% in February. Gasoline sales held back the total, declining -1.3% vs. +0.1% prior. Retail sales excluding autos and gas increased +1.0% vs. +0.4% prior. Treasuries are slipping off their highs in response to the better than expected retail sales data with the the 2s10sspread approaching Fridays 2:00 PM PDTclose.
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