CD rates took quite a beating this week as averages for 6-month and 12-month CDs plunged to lower depths, from 1.14% to 1.10% APY and 1.41% to 1.38%  APY respectively. Rate averages for long term CDs also fell, albeit only by a modest 0.01%.

With the government set to release the figures for consumer spending and income any time now, hopes are high that the data will further strengthen growing prospects that the longest recession since World War II is finally ending.