Personal income and spending both rose 0.4% in April, although after inflation the two are essentially flat. This continues the string of weak economic data that has pushed interest rates lower, and the weak economic data will be a challenge for the Fed as we near the end of the second round of quantitative easing.
This morning the yield on the 10 year note is hovering at 3.06%, unchanged from the close on Thursday. Keep in mind the bond market will close early today; 2:00 PM, ET, however, the HSOA lock desk will maintain normal hours, accepting locks until 4:00 PM, PT.
As we approach the Memorial Day holiday, we pay our respects to those who have given their lives on behalf of our country, as well as saying thank you to those families who have lost loved ones.
Enjoy your long weekend!
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