Market Wire, North America

US retail spending flatlined last month, but underlying consumer demand remained strong, keeping monetary tightening expectations aloft. According to figures published by the Census Bureau this morning, total receipts at retail stores, online sellers and restaurants were roughly unchanged on a month-over-month in July, up 10.3 percent over a year prior. Markets were expecting a 0.1 percent headline gain. Gas station sales fell -1.8 percent month-over-month as global energy prices tumbled. Motor vehicle and parts dealers posted a -1.6 percent loss. Receipts at food services operations rose 0.1 percent, and grocery store sales were up 0.2 percent, but rising food...

Headline US consumer prices rose by less than anticipated in July, putting downward pressure on short-term yields as market participants brace for a more cautious approach from the Federal Reserve. According to data released by the Bureau of Labor Statistics this morning, the consumer price index climbed 8.5 percent in July from the same period last year, essentially flat on a month-over-month basis. Economists polled by major data providers expected a 9.1 percent annual gain and 0.2 percent relative to June. A 4.6 percent month-over-month drop in energy prices — helped by an 7.7 percent tumble in the gasoline sub-index....