Economic Week in Review: Consumers grow gloomier
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This week’s economic reports showed little signs of relief as the
consumer confidence index fell even lower than expected. Consumers
continue to be concerned over rising unemployment rates, historically
high gas prices, and the housing slump. On a brighter note, sales of
existing homes were up for the month, albeit still far below
historical averages. In other news, the Federal Reserve Board’s Open
Market Committee met this week and kept the target funds rate at 2.0%,
putting an end to an eight-month-long string of rate changes. For the
week, the S&P 500 Index fell 3.0% to 1,279 (for a year-to-date total
return of –12%). The yield of the 10-year U.S. Treasury note fell 17
basis points to 3.99%.

To read Vanguard(R) Economic Week in Review in its entirety, go to:
http://www.vanguard.com/visit/econweek062708

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