The U.S. stock markets are shaking off the lowest reading for consumer confidence in 30 years, and instead focusing on the better than expected increase in retail sales. The Thomson Rueters/University of Michigan index of consumer sentiment fell to 57.5 in early October, while retail sales dwarfed expectations, climbing 1.1%.
In addition to the strong retail sales report, news from Europe is raising expectations a resolution of the financial crisis there may be close; but we have heard that story before.
Bond prices are lower/interest rates higher as investors continue to move away from the risk free trade. The yield on the 10 year note has risen to 2.25% this morning and mortgage prices are worse by .375%.
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