Consumer Confidence worse than expected for April 2008

Consumer Confidence | Reported 62.3 | Est 63.2 | Prior 64.5 | MODEST

Consumer Confidence was worse than expectations at 62.3.  So far the bond market has reacted favorably to the news.  Mortgage Backed Securities are up +12bp on the day.  With the 2 day FOMC meeting beginning today and a week packed with economic news, we can expect to see increased volatility.