Income fell by .7% yet spending managed to increase .2%
The Core PCE deflator rose .3%, which is higher than we wanted to see from an inflation-hawk standpoint, but will hopefully be subject to the same discounting that CPI and PPI saw earlier this month.
So far, we're down two ticks day over day. Furthermore, we started the day up at 101-07 and are now down to 100-30.
Expect this morning's rates to come out worse than yesterday's morning, but not necessarily worse than yesterday afternoon. so for some of you short termers it may be time to pull up one of the handful of 24 hour a dy lock ability lenders.
The whole stack is extremely active right now, so stay tuned as things may change extremely fast.
But so far, this is the down morning we expected to see today. What remains to be seen is if it becomes "down enough" to take action.