Updated on September 27, 2016 10:21:37 AM EDT
The Conference Board gave us today’s only relevant economic data with the release of Septembers Consumer Confidence Index (CCI) at 10:00 AM ET this morning. They announced a reading of 104.1 that was well above forecasts of 98.8. Analysts were calling for a small decline in confidence from August’s level, not an increase. This means surveyed consumers were much more optimistic about their own financial situations than many had thought, making the data bad news for bonds and mortgage rates. That is because rising confidence usually translates into stronger levels of consumer spending, fueling economic growth. Fortunately for mortgage shoppers, this is not considered to be a key piece of data.