Owen Carr and Thomas Ryan talk through the February retail shopping data ahead of the Easter holiday. Thomas notes that strength was “broad-based” in the report and compares it to the weaker January spending, which he now believes was weather-driven. Before the Iran war energy price shock, he thinks the consumer was in a position of strength. Owen says consumers are “out and buying” in warmer weather, citing strong performance from Amazon’s (AMZN) spring sales. However, he notes that lower-priced products are more popular while pulling back on bigger ticket items.