Traders cut bets on 2025 Fed rate cut after 'horrible data'

U.S. retail sales rose 0.4% in October, higher than the expected 0.3% and the previous value was revised up to 0.8% from 0.4. Retail sales grew steadily in October as U.S. consumers showed a continued willingness to spend. After the release of the "horrible data", traders cut their bets on a Fed rate cut in 2025.