The July personal income and spending figures just hit the tape and they were roughly in line with expectations. Specifically, personal income was unchanged against a forecast of +0.1%. But the June decline was revised from -1.3% to -1.1%. Personal spending rose 0.2%, right in line with forecasts, and the June number was revised higher to +0.6% from +0.4%. The core PCE
inflation gauge was up 0.1% on the month, in line with forecasts. The stock market had a slightly positive tone coming into this number, while the bond market was seeing some profit taking. These numbers haven't changed much in the wake of the numbers.