Relatively resilient US consumer spending softening; retail sales up 0.1% in May

Summary: US retail sales up 0.1% in May, less than expected; annual growth rate slows to 2.3%; Westpac: a sign relatively resilient consumer spending softens; US Treasury yields fall moderately; rate-cut expectations firm; higher sales in eight of thirteen categories; petrol station sales largest single influence on month’s result. US retail sales had been trending up since late 2015 but, commencing in late 2018, a series of weak or negative...

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