U.S. Retail Sales Preview U.S. Retail Sales Preview: retail sales should show the headline up 0.5% (median 0.6%) with the ex-autos figure up 0.2% for the month. The report faces upside risk from the rebound in vehicle sales to 16.3 M for the month from 15.1 M in October as well as firm chain store sales data as discussed in Monday's commentary. Falling gasoline prices could pose downside risk to the headline via their impact on gas station sales.
Fed funds opened at 0.08% Fed funds opened at 0.08% after a 0.05% close last night. The rate ranged from 0.02% to 0.375% yesterday as the two-week maintenance period ended, with a 0.08% effective. Interbank borrowing costs were mixed at today's Libor fixing. The overnight dollar Libor rate dipped to 0.10130% from 0.10150% yesterday. The 1-week rate fell to 0.12615% versus 0.12895%. The 3-month rate slid to 0.24285% from 0.24385%. But the 12-month rate inched up to 0.57630% versus 0.57430%.