Retail Sales Rise More Than Expected in September, Fueling Economic Strength and Inflation Concerns

Retail sales rose 0.7% in September, more than double expectations, indicating resilient consumer spending
Strong labor market is boosting consumer spending, with 6 straight months of retail sales growth
Economists say continued strong spending raises upside risks for inflation and more Fed rate hikes
Fed Chair Powell has said stronger economy could require more rate hikes to control inflation
Markets now see 40% chance of December rate hike, up from 25% last week, on expectations for persistent economic strength