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The BEA' released its Personal Income and Outlays report for April 2018 this morning.


  • Personal income increased $49.5 billion (0.3 percent) in April.
  • Disposable personal income (DPI) increased $60.9 billion (0.4 percent).
  • Real DPI increased 0.2 percent in April


  • Personal consumption expenditures (PCE) increased $79.8 billion (0.6 percent).
  • Real PCE increased 0.4 percent.


  • The PCE price index increased 0.2 percent.
  • Excluding food and energy, the PCE price index increased 0.2 percent.


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The BEA revised income lower and spending higher. This is not sustainable, but there it is. And it will add to GDP estimates for the second quarter.

Treasury Reaction

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Interestingly, the yield on the 30-year bond is down slightly while the 10-year-yield is flat. The overall impact is a flattening of the yield curve.

Mike "Mish" Shedlock