Is the Fed Going to Be More Aggressive?

If I were king for the day, I'd say that was a pretty darn good retail sales report. That suggests very modest real growth because you're over your retail sales rate percent and inflation is 8%. The thing is that credit quality usually erodes pretty substantively when the Fed steps on the breaks; lenders stop extending credit. Credit delinquencies are going to rise, but they're rising from incredibly low levels.