Weekly Information 7/9

Mortgage interest rates were mostly flat on the week with little economic data for the markets to digest. Of note, the June ISM Services Sector Index came in at 53.8, weaker than the 55 expected. Weekly jobless claims fell be 21k on expectations that they would fall by 12k. May Consumer Credit fell by $9.1 billion on expectations that it would fall by $3.1 billion. April Consumer Credit was revised lower. April Consumer Credit fell by $14.9 billion from the originally reported increase of $1 billion. Both numbers indicate that consumer spending is soft. May Wholesale inventories increased 0.5%, in line with expectations. Also, the Treasury announced that it will auction $69 billion in debt next week.