Industry News
Mortgage Industry News
Consumer Spending Rebounds
08/29/2011
This week gets off to a quick start with a slew of economic data on today’s schedule. In the 8:30 AM release, consumer spending rebounded nicely in July (+0.8%) after posting its first loss in nearly two years in June. Meanwhile, personal income also posted an increase of +0.3%, which was in line with estimates. Later this morning(10AM), more gloomy news is likely on US housing with pending home sales expected to dip another -1.3% in July. Lastly, the headline of this week’s economic calendar will arrive on Friday with the latest installment of the monthly non-farm payrolls report. Currently, the 10yr yield is at 2.246% (2.185% Friday) and the 2-10 yield spread is at 204 bps, steeper by 6 bps since Friday morning.
