University of Michigan Consumer Sentiment (Prelim)
The first of this morning’s two 10:00 AM ET economic reports was the University of Michigan’s Index of Consumer Sentiment for September. It came in at 78.9, up from last month’s 74.1 and higher than forecasted. Since this index gives us an indication of consumer willingness to spend and consumer spending makes up over two-thirds of the U.S. economy, the higher reading is bad news for bonds and mortgage rates. Fortunately, the data is not looked at as a major release. Accordingly, it has had a minimal impact on today’s early trading and mortgage pricing.