Univ of Mich Consumer Sentiment (Prelim)
The University of Michigan announced late this morning that their preliminary November Index of Consumer Sentiment reading stands at 50.3, down from October’s 53.6. Analysts were expecting to see a reading in the neighborhood of 53.2, meaning surveyed consumers were less optimistic about their own financial situations than thought. This is favorable news for bonds and mortgage rates because waning confidence usually translates into softer consumer spending levels that make up over two-thirds of the U.S. economy.