Updated on March 31, 2015 10:15:10 AM EDT Tuesday’s bond market has opened relatively flat despite stronger than expected economic news. The stock markets are showing sizable losses, erasing a good part of yesterday’s rally. The Dow is currently down 81 points while the Nasdaq has fallen 18 points. The bond market is currently up 2/32 (1.94%), which should keep this morning’s mortgage rates at yesterday’s levels.
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March’s Consumer Confidence Index (CCI) was the sole relevant economic release of the day. It came from the Conference Board at 10:00 AM ET, who is a business research group and not a governmental agency. They announced a reading of 101.3 that greatly exceeded forecasts of 96.2. An upward revision to February’s reading has softened the surprise, but it still shows that consumers felt better about their own financial and employment situations this month than many had thought. That makes the data bad news for the bond and mortgage markets because rising confidence usually means consumers are willing to spend more money, fueling economic growth.