US FINANCIALS: BNS $ B'mark 4NC3, 4NC3 FRN, 8NC7 - FV

Donald J. Trump

@realDonaldTrump

The TARIFFS are responsible for the GREAT USA Economic Numbers JUST ANNOUNCED…AND THEY WILL ONLY GET BETTER! Also, NO INFLATION & GREAT NATIONAL SECURITY. Pray for the U.S. Supreme Court!!! President DJT

Retail sales remain on pace to post a joint 8-month high growth pace in December, per the Johnson Redbook Retail Sales Index which rose 7.2% in the week ending Dec 20 (6.2% prior). This brought month-to-date gains to 6.4% (retailers target a 6.5% rise), which would be a pickup from the 6.2% month-to-date pace through the prior week (and match November's 6.4% gain).

• While like most retail sales series this is in nominal terms, it suggests continued strong control group sales through year-end (after Q3's real goods consumption growth of 3.1% Q/Q SAAR).
• The report notes in its usual anecdotal session that some shopping could be pushed into the post-Dec 25 period. "As the first day of winter set in, many braved the cold and the crowds on Super Saturday to finish shopping on the final weekend before Christmas. Shoppers scrambled to stores for last-minute shopping and took advantage of deep discounts. With the clock ticking on the number of Christmas shopping days left, gift cards and cash are the last resort for last-minute shoppers. This could push some shopping into the period after the holiday, as gift card sales don’t record revenue until the cards are redeemed, and most gift cards no longer have an expiration date."

FRBNY EFFR for prior session:

• Daily Effective Fed Funds Rate: 3.64% (+0.00), volume: $87B
• Daily Overnight Bank Funding Rate: 3.64% (+0.00), volume: $171B

Repo Reference Rates - from earlier:

• Secured Overnight Financing Rate (SOFR): 3.68% (+0.02), volume: $3.253T
• Broad General Collateral Rate (BGCR): 3.66% (+0.03), volume: $1.326T
• Tri-Party General Collateral Rate (TCR): 3.66% (+0.03), volume: $1.292T
• (rate, volume levels reflect prior session)