Happy Sales

(1) Retail sales boosted by solid employment gains and tax cuts. (2) GDPNow now at 4.5%. (3) Business sales jump to record high, remaining bullish for S&P 500 revenues. (4) No sign of supply-chain worries in real inventory-to-sales (I/S) ratios. (5) Remarkable decline in retailing I/S ratio attributable to Amazon. (6) Big divergence between real GDP outlook at the Fed and the White House. (7) Kudlow crosses the line. (8) Will tighter monetary policy offset stimulative fiscal policy? (9) Powell skirts trade policy issues. (10) Known unknown: Fiscal multiplier in bad vs good times.