University of Michigan Consumer Sentiment (Rev)
April’s revised University of Michigan Index of Consumer Sentiment came late this morning. It stood at 97.0, down from the preliminary reading of 98.0 from earlier this month. It was expected to remain unchanged, not revise lower. The decline indicates that surveyed consumers were a little less optimistic about their own financial situations than thought a couple weeks ago. Since waning confidence usually translates into softer levels of consumer spending that fuels economic growth, this data is good news for the bond and mortgage market.