University of Michigan Consumer Sentiment (Prelim)
This morning’s sole relevant economic report was the initial University of Michigan Index of Consumer Sentiment reading for July at 10:00 AM ET. It came in at 98.4, up from June’s final reading of 98.2 but a tad lower than expectations. The increase means more surveyed consumers felt better about their own financial situations than last month. That is technically bad news for bonds because it means those consumers are more likely to make a large purchase in the near future. However, since it was not as high as expected, we are not seeing much of a reaction to the news in this morning’s trading or mortgage pricing.