The Federal Reserve is expected to keep rates steady as June retail sales show a 0.6% increase, exceeding expectations. Auto sales rose 1.2%, contradicting volume numbers, while building materials saw a sharp increase possibly due to pre-emptive buying ahead of tariffs. Jobless claims dropped to 221k, but concerns remain about a cooling labor market. Import prices rose 0.1% in June, suggesting foreign manufacturers may be absorbing some tariff impacts. Overall, the data supports the view that another interest rate cut is not immediately necessary.

Read more at Investing.com: US Jobs, Spending Numbers Suggest Little Need for Imminent Rate Cut