Christmas is almost here and focus is on the consumer with today’s data on income, spending and confidence. Overnight the curve steepened and mortgage spreads widened 2-3 tics led by the wings. Personal income was weak in October, slipping 0.1 percent, following two very strong months at plus 0.5 percent and now comes in three tenths lower than expected at 0.2% vs. -0.1% prior. Personal spending picked up a bit, as expected, at the beginning of the fourth quarter and continues to rise by two tenths coming in at 0.5% flat to expectations. Consumer Confidence is expected to rise half a percent from 82.5 prior,and with savings down and spending on the rise we could see higher confidence levels.
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