The latest economic data is painting a bleak picture for the economy in the fourth quarter, forcing yet another downward revision in our GDP, consumer spending and employment outlooks.  On a bright note, inflation is moderating rapidly and could drop to zero by the third quarter of 2009 on a year-on-year basis.  Check out this week’s FMS to find out more.

In the most recent survey period, long-term mortgage rates fell amid dueling concerns of a slowing economy and record Treasury auctions.