Univ of Mich Consumer Sentiment (Prelim)
The University of Michigan's Index of Consumer Sentiment for September will close out this week's calendar late Friday morning. This index gives us an indication of consumer confidence in their own financial situations, projecting consumer willingness to spend. If a consumer's confidence in their own financial situation is rising, they are more apt to make large purchases in the near future, fueling economic growth. But if they are growing more concerned about their job security or finances, they probably will delay making that sizable purchase. This influences future consumer spending data and therefore impacts the financial markets. It is expected to show a stronger reading than August's 51.7. The lower the reading, the better the news for mortgage rates.