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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (59097)	8/29/2003 8:44:30 AM
From: Dealer	Respond to of 65232

Economic Review - personal income and consumption July personal income rose a modest 0.2% (vs. +0.4% in June) as the tax cuts left a large 1.5% jump in disposable income (after-tax income). Personal spending rose a strong 0.8% as June's 0.3% rise was doubled to 0.6% in the revisions. The savings rate jumped 0.7% to 3.8%. Both the PCE and core price indices rose 0.2%. As expected, very strong data to start off Q3. Bonds had a knee-jerk reaction lower following the release of the report, but have since stabilized and are now trading about where they were (maybe a tick or two lower) before the release of the numbers. Ten-year Treasury note presently down 7/32nd's to yield 4.44%.