University of Michigan Consumer Sentiment (Prelim)
Today’s only relevant economic data did not help matters. The University of Michigan’s Index of Consumer Sentiment for October came in at 96.0, up from September’s 93.2 and higher than forecasts. The rise means surveyed consumers felt better about their financial and employment situations this month than last month. Because higher levels of confidence usually translates into stronger consumer spending that fuels economic growth, this was bad news for bonds and mortgage rates. However, the bond market was well in negative ground before this data was posted at 10:00 AM ET.