Final data for wholesale inventories and sales data in March show a modestly better than expected rise in inventories (+0.2% vs -0.1% MoM) and worse than expected sales which showed no growth in March - the weakest print since July 2016.

Auto inventory to sales rose in March (back towards Nov 2016 highs) but Lumber sales were the biggest drag in March (down 3.0% MoM) - which is perhaps why Trump stepped it up with Canada.