November retail sales came in at $735.9 billion, a 0.6% increase which beat the 0.4% estimate. The report was delayed due to the government shutdown. Consumers are spending notably on cars, building materials, and dining out. Wells Fargo economists noted that holiday sales are tracking near the top of their 3.5-4% growth target. This resilience might make it harder for the Fed to cut rates again. Markets are only pricing in a 5% chance of a cut at the January 28 meeting.