Updated on November 22, 2024 10:08:32 AM EST
Today’s sole relevant economic news came from the University of Michigan, who said their revised November Index of Consumer Sentiment stood at 71.8. This was lower than the initial estimate of 73.0, indicating surveyed consumers did not feel as confident about their own financial situations as previously thought. We can consider the lower reading good news for bonds and mortgage rates because waning confidence usually translates into softer consumer spending numbers. That category makes up over two-thirds of the U.S. economy, so weaker consumer spending often limits overall economic growth and helps to make bonds more attractive to investors.
Next week is shortened by the Thanksgiving Day holiday yet still has a large number of scheduled events that we will be watching. There are a handful of relevant economic releases, including two that are considered to be highly important. One of those is the Fed’s preferred inflation readings. In addition to the data, there are also a couple of Treasury auctions and the release of the minutes from this month’s FOMC meeting. All of those activities come over just two days with nothing scheduled Monday or Friday and the markets closed for Thursday’s holiday. Look for details on all of next week’s activities in Sunday evening’s weekly preview.
©Mortgage Commentary 2024