THE BIG PICTURE
S&P 500 cleared 7,800 for the first time Thursday. Three straight weeks of gains. But — this is a market surviving, not thriving. The execution is still scheduled.
RATES & HOUSING
• 30-year fixed mortgage hitting 6.7% — highest rate in 25 years
• Fed watching PCE, not CPI. Cleveland Fed nowcaster: PCE at 3.7% for July AND August, core PCE at
