Never underestimate the spending power of the US consumer

US retail sales due at the bottom of the hour

Fed Chair Janet Yellen was grilled about why US consumers haven't spent the money they've saved from low energy costs. She didn't have an answer but maybe it will show up in the January data in a rebound from a soft December.

The consensus is for a 0.1% increase in sales but watch the 'control group', which is expected up 0.3%. That group excludes autos, gas and building materials and it's the best underlying measure of the consumer.