Hey there, camper! Why the long face? Bloomberg is reporting that consumer confidence is at a two year low. Does someone need a hug?
Maybe another Fed rate cut will help your self-esteem? From Bloomberg (emphasis ours):
The Conference Board’s index of consumer confidence declined to 95.6 this month from 99.5 a month earlier. It compared with the median forecast of 99 in a Bloomberg News poll. The U.S. currency reached $1.0511 per Canadian dollar, the lowest since 1960.
Home prices in 20 U.S. metropolitan areas fell 4.4 percent in the 12 months through August, the most since records began in 2001, according to the S&P/Case-Shiller home-price index released today.
The Fed cut its target rate for overnight bank loans by a half-percentage point on Sept. 18 to 4.75 percent, the first reduction since 2003, after losses from subprime mortgage investments roiled credit markets. The dollar has dropped against all 16 of the most-actively traded currencies since then, losing 3 percent against the euro.
Interest-rate futures traded on the Chicago Board of Trade show a 94 percent chance the Fed will lower its benchmark rate by a quarter-percentage point to 4.50 percent tomorrow.
Dollar Falls to Record Low After Consumer Confidence Declines [Bloomberg]