Personal Income and Outlays
Today did have a fairly significant economic report posted despite the markets being closed. February's Personal Income and Outlays report was released at 8:30 AM ET. It revealed a 0.3% rise in income and a 0.8% jump in spending. The income reading was a bit softer than forecasts, but spending was much higher than predicted. Both readings were expected to show an increase of 0.4%. The smaller rise in income means consumers had less money to spend than thought. However, the bad news is that they spent much more than thought. Accordingly, this portion of the report is mixed with a tilt to negative for mortgage rates.