The May retail sales report was a real "eye popper", coming in much stronger than even our above consensus forecast. Perhaps even more so coming on the heels of a very robust May employment report. Unsurprisingly, Chair Powell made note of both in his semiannual testimony to Congress this week. Both have to have large implications for financial markets going forward, but what are they?

In this episode MUFG Rates Strategist, John Herrmann, breaks down the May retail sales report and tells listeners what it means for growth, the Fed and his core strategic investment stance of a 2s-30s yield curve steepener.

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Download: The Fed's "foot on the gas" – The MUFG Global Markets Podcast (MP3)