This morning’s economic releases show core inflation coming in as expected with headline CPI (which includes food and energy prices) rising more than expected. Retail sales were slightly improved from June (+.2%) but ex autos and gas were actually down (-.1%). All of the numbers today confirm expectations that there is no inflation brewing and consumer spending is not accelerating. Yesterday’s $16B 30-year auction went extremely well with great demand from both direct and indirect bidders, stopping at 3.954%
Wednesday the yield on the 10 year note fell below 2.70% and has rallied back to that level this morning after Thursday bond sell off. Mortgage pricing is improved by .125% to .25%.
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