The markets rally over the past month that recaptured the highs of the beginning of the year was largely driven by lower oil prices. Most other rallies over the past several months were driven by the Fed is almost done mantra. Today we have a real trifecta weighing on the markets. Bond yields are at their highs for the year, oil is back over $62, and retail sales were softer. I won't go into it now, but final demand is critical to the economy, asset prices, the bond conundrum, exchange rates, etc. In that regard we saw evidence this week that it is faltering. New home sales, resales, auto sales, and today retail sales are all showing sign of softness. The housing market we've known about for a while, auto sales were already weaker last month but were obfuscated by fleet sales. Yesterday both GM and Ford said they were trimming production next quarter, so they don't see the softness going away any time soon. Walmart gave forward guidance of 1-3% for sales this month, not great either. One month does not a trend make, but it is time to keep our eyes open for the often predicted consumer slowdown.