Consumer Confidence Index (Conference Board)
Today’s only relevant economic data did nothing to help the cause, showing much stronger than expected results. The Conference Board announced at 10:00 AM ET that their Consumer Confidence Index (CCI) for September rose to 138.4 from August’s revised reading of 134.7. Analysts were expecting to see a decline in this index that measures consumer willingness to spend. It was also the highest reading in 18 years, indicating consumers are more comfortable with their own financial and employment situations than they have been in quite some time. This is bad news for bonds and mortgage rates because higher levels of confidence means consumers are more willing to make a large purchase in the near future, fueling economic growth.