US RETAIL SALES (THU): US retail sales are expected to rise +0.3% M/M (prev. -0.8%), and the ex-autos measure is seen rising +0.3% M/M too (prev. -0.6%). Bank of America’s Consumer Checkpoint update for February notes that weather conditions were largely to blame for the weakness in January, but where the weather was better, spending was resilient, and in the later part of January, total card spending per household rebounded across the country. The bank notes that while consumer confidence has rebounded recently, it remains relatively weak given the consumer has been resilient over the last year and the labour market has been solid, likely a result of ‘sticker shock’ from higher prices. But ahead, BofA says that “as the rate of inflation comes down, this sticker shock should begin to fade, particularly as aftertax wages and salaries growth remains healthy for low and middle-income households in our data,” adding that “consumers’ savings buffers remain elevated and shows no significant sign that people are tapping into their longer-term retirement savings.”Newsquawk.com