Futures are down modestly at the moment, but don't necessarily count on things staying this way.
Two big pieces of economic data -- the CPI and consumer sales -- come out at 8:30 AM, and they should have a big role in either confirming or muddling the current economic consensus (that we're weakening and deflating).
Deflationists will be especially interested in CPI, which is expected to show 0.2% growth (0.1% for core).
As for July retail sales, the ex-auto number is forecasted around 0.5%.
We'll be covering them live here.
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Full story at http://feedproxy.google.com/~r/businessinsider/~3/Io0SwaqM6ZQ/july-retail-sales-and-cpi-preview-2010-8
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