This morning we were told personal income rose 0.4% in December, however, personal spending rose 0.7%, more than expected. Of course, with spending growing at a faster pace than incomes rose, the savings rate fell to 5.3% in December.
The markets have calmed despite the continued unrest in Egypt, with U.S. Treasury and mortgage prices flat from the close on Friday, and stocks trading slightly positive. The remainder of the week will provide substantial economic data as the calendar is full, culminating with Friday’s jobs report.
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