The Globe and Mail reports in its Saturday edition that U.S. retail sales increased slightly more than expected in October as households boosted purchases of motor vehicles and electronic goods, suggesting the economy kicked off the fourth quarter on a strong note. A Reuters dispatch to The Globe says that a fairly upbeat sales report on Friday prompted traders to pare back expectations that the Federal Reserve would cut interest rates in December. Federal Reserve chair Jerome Powell said on Thursday, "The economy is not sending any signals that we need to be in a hurry to lower rates." Said Christopher Rupkey, chief economist at FWDbonds, "With fiscal policy expected to shift into high gear on the pro-growth stimulus side, perhaps the Fed's monetary policy should not be putting another log on the fire to fuel growth by lowering rates, as it could lead to a return of inflation." Retail sales rose 0.4 per cent last month. Building material and garden equipment store sales rose 0.5 per cent, likely boosted by rebuilding efforts in areas devastated by Florida hurricanes Helene and Milton. On-line retail sales edged up 0.3 per cent, despite Amazon's Prime Day promotion. Sales at clothing stores fell 0.2 per cent.