Univ of Mich Consumer Sentiment (Prelim)
This very active week’s calendar comes to a close at 10:00 AM ET tomorrow when the University of Michigan posts their November Index of Consumer Sentiment. The index measures consumer confidence, which gives us an indication of consumer willingness to spend. It is expected to show a reading of 70.9, up from October's final reading of 70.5. Favorable news for bonds would be a noticeably lower reading because waning sentiment means consumers are less optimistic about their own financial situations and are less likely to make large purchases in the near future. With consumer spending making up over two-thirds of our economy, any related data is watched closely. The lower the reading, the better the news for mortgage shoppers.