Amid the broad fears surrounding Credit Suisse, as well as woes of another financial crisis, traders paid little heed to the United States data.
US Retail Sales dropped to -0.4% in February versus -0.3% expected and upwardly revised 3.2% prior while the Producer Price Index (PPI) slide to 4.6% YoY from 5.7% in January and 5.6% market forecasts. Further, NY Empire State Manufacturing Index dropped to -24.6 for March compared to analysts’ estimations of -8.0 and -5.8 prior.
Even so, global rating giant Moody’s expects the Federal Open Market Committee (FOMC) to raise the federal funds rate by 25 basis points at its March 22 meeting, per Reuters.
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