Hello, fellow robo capital. Hope you're well. So we have big moves in the treasury markets.

Yields are going down on some data that just came out. So let's go through this.

Let's check out what the data was that caused interest rates to really go down.

And then let's connect some dots because I think this will teach us some very, very, very important lessons as to what really drives interest rates at the end of the day.

And a lot of these narratives that you hear, are they backed up by data or are they

just backed up by bias and ideology? I'll show you what I'm referring to. So let's do the

screen share. And we're going to get right over to what caused the move in rates.

So right here, guys, Tuesday, we've got our Market Watch calendar and look at the retail sales.

The expectations were 0.4 and that is not, as far as I know, inflation adjusted.

So last month, or, well, just to be clear, this is delayed report. So this is the December

data. So the month prior, so that would be November, was a 0.6. Very, very good. But now we're

expecting a 0.4. We got a zero, a goose egg, nada.

So if you were to adjust for inflation, what would this number be?

Ah, that's right.

Negative.

A contraction in retail sales.

And then retail sales minus autos were clocking in at another goose egg when the expectation was for 0.3%.

And the month prior, that would be November, at 0.4%.

So usually I don't know that this would have a dramatic impact on yields.

But I think what's happening here in the market is very similar to what we're talking about on this channel all the time.

And that's that you have these two main indicators.

And that's the labor market and real GDP.

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