Before the new CPI numbers came out this week, we thought maybe the latest retail stats out of Manhattan were an outlier, the false flag of a recovery that would be overtaken by a recession in the second half of the year.
In its new Q2 retail market report, written before we all heard that the inflation rate is down to 3%, CBRE said "subdued optimism" characterized Manhattan's retail sector, which sounded about right—yesterday.
Now that we have solid evidence that the fever of inflation really has broken, there's no reason to be subdued subdued about it: let's call this a leading indicator of a soft landing.
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