University of Michigan Consumer Sentiment (Prelim)
Tomorrow has two relevant economic reports set to be posted, both coming at 10:00 AM ET. One will be the University of Michigan’s Index of Consumer Sentiment for September that will give us an indication of consumer confidence in their own financial situations. This type of index projects consumer willingness to spend. If a consumer's confidence in their own financial situation is rising, they are more apt to make large purchases in the near future. On the other hand, if they are growing more concerned about their job security or finances, they probably will delay making that sizable purchase. This influences future consumer spending data and therefore, impacts the financial markets. It is expected to show a reading of 75.0 that would mean confidence strengthened slightly from August's level of 74.1. The lower the reading, the better the news it is for mortgage rates.