Jacob Aiken-Phillips and Michael Green give their takeaways from the May Retail Sales report. Michael thinks a lot of demand from China was pulled forward, showing up in strength in furniture and other areas. He thinks people are ignoring the weakening labor market and that tariffs are a “tax on consumption.” He’s also wary of student loan repayments restarting. Jacob notes that control group numbers were strong but doesn’t think we’ve seen the full impact of tariff prices yet. He likes Costco (COST) and Walmart (WMT) in this environment.