US retail sales are set accelerate: The Chicago Fed projects retail and food services sales, excluding autos, rose +0.7% MoM in June. This would mark the 5th consecutive monthly increase of at least +0.7%. After adjusting for inflation, sales are estimated to have surged +1.4% in June, the largest monthly increase in at least two years. That would mark a sharp acceleration from a +0.1% MoM increase in May. This comes as the US inflation rate posted its biggest monthly decline in June since April 2020. US consumer spending is gaining momentum.(The Kobeissi Letter)