Dollar softens as US consumers slow spending growth
The dollar is weakening and yields are nudging lower after US consumer spending surprisingly flatlined in December, underpinning expectations for more monetary easing in the months ahead. According to figures published by the Census Bureau this morning, total receipts at retail stores, online sellers and restaurants were little changed over the holidays after a 0.6 percent gain in November, and so-called “control group” retail sales—with gasoline, cars, food services, and building materials excluded—fell -0.1 percent, missing forecasts set at 0.4 percent. The US remains the global consumer of last resort—overall retail sales were still up 4 percent year-over-year in 2025,...