FEDS Note: Heterogeneity in the Marginal Propensity to Consume among U.S. Households
Federal Reserve
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FEDS Notes presents research and analysis, rather than a new policy decision or a mortgage offer. Identify the question being studied, the data period, assumptions and limitations before applying a result to today’s conditions. A model-based estimate, an observed association and evidence of causation make different claims. The publication date can be much later than the period studied. The benchmark window below is centered on publication and does not reproduce the study’s sample or measure its effect on borrowing costs. Federal Reserve FEDS Notes.
Nearest published observation on or before each target date
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Dots show published observations only. Missing dates remain blank, with no interpolation. The future portion of the window has no observations. The series have different publication schedules and measure different markets.Sources, historical coverage and calculation limits
Freddie Mac Primary Mortgage Market Survey®: available observations from Apr 2, 1971 through Nov 5, 2026. Cached history snapshot. History retrieved or verified Nov 11, 2026.
U.S. Department of the Treasury: available observations from Jan 4, 2016 through Nov 10, 2026. Cached history snapshot. History retrieved or verified Nov 11, 2026.
The 30-day comparisons use calendar days. Each cell selects the last published observation on or before its target; no rates are synthesized for missing dates. Gaps greater than seven days for daily Treasury data or fourteen days for weekly mortgage data are marked unavailable. Forward comparisons require the date to have arrived and source coverage to extend through it.
Historical files may contain revisions and do not reconstruct precisely what every market participant knew at the time. Freddie Mac changed its PMMS collection methodology in November 2022. Cross-period comparisons should account for that change. These windows include other news and cannot establish causation or forecast the next rate move.