Accessible version Consumer & Retail Summer of supply Industry Overview July Inflation/Spend slows, S&P gets Coffee cautious Last week, economic data was the main macro focus along with ongoing heavy supply ($56bn) and investor re-positioning ahead of a typically busy September season (issuance, conferences & events). July CPI was in line with consensus at +3.4% y/y, subduing September rate-hike concerns. However, July retail sales disappointed at -0.6% m/m (vs. +0.1% est.). The weak month will be colored b ...