Retail Sales Gain Steam in November; It's Go Time for Federal Reserve

One of the last economic data points before the Federal Reserve’s closely watched meeting next week didn’t disappoint. U.S. retail sales, released Friday, rose 0.2 percent in November. That’s slightly below consensus of 0.3 percent, but ahead of the 0.1 percent rise during the prior month. David Lebovitz, global markets strategist at J.P. Morgan Asset Management, said the strength in Friday’s report fuels a rate hike next week. Aside from November retail sales, the final major economic data point before the Fed’s December policy meeting is the latest reading on inflation or the consumer price index, which is scheduled to be released on Tuesday. The markets are now pricing in an 83-percent chance of a December liftoff. The initial hike would be the first time the Fed has raised rates in nearly a decade, though Lebovitz expects three additional rate hikes in 2016. TheStreet's Scott Gamm has details from New York.