Consumer Confidence Index
June's Consumer Confidence Index (CCI) will kick-off this week’s scheduled activities at 10:00 AM ET tomorrow. The CCI comes from the Conference Board (a New York-based business research group) and measures consumer willingness to spend. If consumers are more confident about their own financial and employment situations, they are more apt to make large purchases in the near future. Consumer spending makes up over two-thirds of the U.S. economy, so rising confidence can contribute to overall economic growth. If it shows a sizable increase from last month, we can expect to see a negative reaction in bonds and mortgage rates. Forecasts are predicting a reading of 94.5, up from last month's 93.1. The lower the reading, the better the news it is for bonds and mortgage pricing.