It’s a pretty slow day, at least until the FDIC gets into the act this evening.

In any case Treasuries are up up slightly, which means that yields are down, which removes a potential upward pressure on interest rates.

BTW, when one refers to debt instruments issued by the US Department of the Treasury, are they “Treasuries”, or “Treasurys”? I’m not sure.

In the meantime, the idea that the consumer may be engaging in a longer term is bolstered by statements by the CEO Coldwell Banker, who notes that, “The more important ‘move-up’ buyers were absent,” from the market.

People are paying down debt in a big way, as opposed to up-sizing.

All we have left is currency and energy, and the dollar continued to weaken as investors looked more towards return and less toward safety, while both crude oil and wholesale gasoline fell sharply on reports of inventory growth.

Don’t expect to see this at the pump for a while, the AAA reports that retail gasoline was up again, which makes it the 51st day since it’s fallen.