Chicago Fed Pres. Goolsby is on the wires saying

• US GDP and labor market are basically stable
• The weak retail sales represents one month of data
• Continued spending weakness could be worrying
• supported the July rate decision
• Notes is that the past two productivity data releases were very poor. If it persists, it could change the AI narrative
• Encouraged by CPI reports and need more data

Goolsbee tends to go with the flow. He can be more hawkish or more dovish. His comments on productivity are a concern for for inflation and have implications for US stocks. At the same time, wonder if the productivity measures are being influenced by the upfront costs with the majority of the gains to be determined. But that is a $64,000 question for everyone.