Consumer Confidence Index
Also late tomorrow morning is the release of November's Consumer Confidence Index (CCI). This Conference Board index helps us track consumer willingness to spend. If a consumer's confidence in their own financial and employment situation is strong, it is thought that they are more apt to make larger purchases in the near future, fueling economic growth. This is important because consumer spending makes up over two-thirds of the U.S. economy and strength in it makes long-term securities such as mortgage-related bonds less attractive to investors. Traders are expecting to see the index slip a couple points from October’s 113.8, meaning surveyed consumers were less optimistic about their own financial situations this month than they were last month. The weaker the reading, the better the news for mortgage rates. Although, the markets will likely be much more focused on Chairman Powell’s testimony than this report.