The Federal Reserve is likely to announce a rate hike during its September meeting, according to analysis from Liz Ann Sonders, Charles Schwab’s chief investment strategist. 'Our best bet is still September,' Sonders said. 'Now there's been some weakening in the economic data; were that to continue and global events were to stay tumultuous, then maybe you push that [forecast] out.' Part of that softening in economic data came from the 0.3 percent decline in June retail sales, according to a report Tuesday from the Census Bureau. Economists were looking for a 0.3 percent rise. This is especially concerning since the national average for a gallon of gas stands at $2.78, compared to $3.61 last year, according to AAA. Consumers still aren’t spending the savings from lower gas prices. TheStreet's Scott Gamm has details from New York.
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