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On the heels of yesterday’s “assumption” by the markets, today Fed Governor James Bullard said that interest rate hikes “should come sooner rather than later”. Not much reaction from Bonds, but Stocks have retraced yesterday’s euphoric steps higher.  Such is life when you are gambling on statements from government officials.

Reports out today show that foreclosure activity is down 50% from this time last year.  Personal Spending is up 0.2% and Personal Income is up 0.4%.  This is the second month in a row that we are collectively earning more than we are spending; way to go USA!