Updated on May 26, 2020 10:20:39 AM EDT
There were two relevant economic reports posted this morning. One was May’s Consumer Confidence Index (CCI) at 10:00 AM. The Conference Board announced a reading of 86.6 that was a bit lower than expectations. However, a downward revision to April’s reading means confidence did rise slightly last month as forecasts were calling for. The increase indicates surveyed consumers felt a little better about their own financial and employment situations this month than did in April. Rising confidence is a sign that consumers are more apt to spend money in the near future, fueling economic growth. While that is technically bad news for bonds and mortgage rates, it is worth noting that May’s reading is over 45 points lower than February, when the coronavirus became well known here in the U.S.