Spending cuts across the energy sector last month dropped the Durable Goods Orders down to a negative 1.2%. While most of the orders come from the producer level, U.S. consumers contributed to to the downturn as well. That Mr. & Mrs. America are not as loose with their money right now is corroborated by the decline in Consumer Confidence, down 4.7% off of expectations.
So for now, we are in our happy place. The absence of any earth-shattering news has kept Mortgage Bonds steady Eddy all month long, consequently, interest rates have found their zen place.
