Half-Empty

It's hard to know whether to cheer slower consumer credit growth in the world's largest economy or interpret it as a bad omen. On one hand, slower nominal spending reflects both lower goods prices and consumer retrenchment, with the latter conducive to cooler inflation going forward. On the other hand, the apparent slowdown may suggest consumers are increasingly concerned about the future. Americans' credit card balances grew $7.2 billion in December, the latest update from the Fed showed. Tha