Daily Commentary by Larry Baer: The American consumer appears to have shrugged off high gasoline prices as they went on a buying spree last month. Total retail sales increased 0.8% in March after rising 1.0% in February. The ex. auto component of this report posted an equally impressive 0.8% gain. Whether consumers can continue to spend at the current pace remains to be seen, as inflation-adjusted wages have actually fallen over the past year. In any case, this morning's data suggests the nation's growth as measured by the gross domestic product will be faster in the first three months of the year than most now expect. If so, don't look for mortgage interest rates to move substantially lower from current levels.
THE MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
