STIR: 100bp Of BoE Cuts Priced Through Year-End

Johnson Redbook Retail Sales were up 5.3% Y/Y in March month-to-date (as of the week ending March 29), after sales in the 4th week of the month slowed to 4.8% Y/Y (5.6% prior).

• The apparent dip in retail activity at the end of the month requires some context: last year saw pre-Easter shopping, which hurts the Y/Y comparisons this year, but "these differences are expected to balance out in April as Easter sales begin, leading to improved growth rates compared to last year's retail performance in April. Most retailers recommend smoothing the Easter distortion by averaging the performance data from March and April."
• Overall we consider this to be solid "hard" retail data, with the Johnson Redbook report covering around 80% of "official" retail sales (March data for which is out on Apr 16). 

• MNI: US REDBOOK: MAR STORE SALES +5.3% V YR AGO MO
• US REDBOOK: STORE SALES +4.8% WK ENDED MAR 29 V YR AGO WK

BNP (19th Dec) 76/60ps, sold at 6.1 in 2.5k.