Per Bloomberg data below, US retail sales missed consensus across all primary metrics.

Alongside the past week's softer inflation and labor prints, this will again lower market expectations of a September rate hike, reducing front-end yields. The heavy calendar of sovereign and corporate bond supply will continue to weigh on longer-end yields. #economy #markets — via @elerianm

Retail sales miss across all metrics, plus softer inflation and labor, lowers September rate hike odds.