Revolving credit -- mostly credit card debt -- continued its long-term decline at an annual pace of 2.6% during July, while non-revolving debt expanded at an annual pace of 9.5%.
Investors are watching the economic reports for clues on how much the Federal Open Market Committee might lower monthly Federal Reserve bond purchases after the next meeting of the policy committee on Sept. 17-18. The Fed has been making monthly purchases of $40 billion in long-term mortgage-backed securities and $45 billion in long-term U.S. Treasury bonds since last September, as part of its "QE3" program to hold down long-term interest rates.
The market has anticipated a curbing of Federal Reserve bond buying by sending the yield on 10-Year U.S. Treasury bonds to 2.91% on Monday from 1.70% at the end of April. The yield on the 10-year was down three basis points on Monday.
Major economic reports coming up this week include August retail sale, on Friday.
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