Good morning, macro enthusiasts. Here's your daily roundup covering the United States, Europe, and key emerging markets. We cut through the noise to deliver the essential facts, key surprises, and meaningful context from each region in one place.

🇺🇸 Retail sales sink 0.6% as CPI cools on cue, and the Fed's balance sheet grows anyway

Retail sales fell 0.6% in July even as headline CPI cooled to 3.4% year-over-year, a split between calm price data and weakening consumer demand. The Fed's balance sheet grew to $6.76tn despite ongoing balance-sheet runoff, a liquidity wrinkle Fed speakers face today.

🇺🇸 Retail sales sink 0.6% as CPI cools on cue, and the Fed's balance sheet grows anyway
Retail sales fell 0.6% in July even as headline CPI cooled to 3.4% year-over-year, a split between calm price data and weakening consumer demand. The Fed's balance sheet grew to $6.76tn despite ongoing balance-sheet runoff, a liquidity wrinkle Fed speakers face today.
Macro Soup

🇪🇺 Euro area growth beat forecasts. The ECB is tightening anyway.

Euro area GDP grew 0.4% quarter-on-quarter in Q2, beating the 0.2% consensus, even as the European Central Bank holds its deposit rate at 2.25% after a June hike, its first since the 2022-2023 tightening cycle.

🇪🇺 Euro area growth beat forecasts. The ECB is tightening anyway.
Euro area GDP grew 0.4% quarter-on-quarter in Q2, beating the 0.2% consensus, even as the European Central Bank holds its deposit rate at 2.25% after a June hike, its first since the 2022-2023 tightening cycle.
Macro Soup

That's your daily macro roundup. For more detailed regional deep dives, check out our weekly editions. If you found this useful, feel free to forward it along. More signal, less noise, as ever. Cheers.