Consumer Confidence Index (Conference Board)
March’s Consumer Confidence Index (CCI) was today’s only relevant economic data, coming at 10:00 AM ET. The Conference Board announced a reading of 125.6 that greatly exceeded expectations of 113.3. It was an increase from February’s revised 116.1 and was the highest reading since December 2000. That indicates consumers were much more confident in their own financial situations than many had expected. Since rising confidence usually translates into stronger levels of consumer spending, this is clearly bad news for bonds and mortgage pricing. Fortunately, the markets don’t seem to be paying too much attention this morning, limiting the impact on today’s rates.