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nyse127The national composite default index dropped by seven basis points from February to March, its first month-over-month decline in eight months, led by declines in both mortgage default indices, according to S&P Dow Jones Indices and S&P/Experian Consumer Credit Default Indices for March 2015 released Tuesday.

The mix of recent economic data suggests the economy is growing, but more slowly than at the end of 2014.

Moreover, the signs of moderation – retail sales and March’s slower increase in payrolls – suggest that the Fed isn’t likely to raise interest rates until later in 2015 or 2016.

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