Market Updates

• Yields were mixed over the week with the two-year Treasury note falling by three basis points to 3.23% while the five-year note increased by eight basis points to 3.07%

• Consumer spending continued in July going unchanged from the previous month, however, when excluding gasoline sales, spending advanced by a robust 0.6%

• The housing market continues to roll over highlighted by a 24% drop in building permits and a near 10% drop in housing starts as builders pull back in anticipation of continued weakening demand

• A big week of economic data is slated for release this week with July’s core PCE, personal spending, a second glance at Q2 GDP and a FOMC symposium in Jackson Hole which could provide hints of the future course of monetary policy