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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-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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