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ECON: Consumer Sentiment Much Lower Than Expected
Posted to: Micro News
Friday, September 13, 2013 10:07 AM
- Sentiment 76.8 vs 82.0 forecast
- current conditions 91.8 vs 94.8 forecast
- expectations 67.2 vs 74.0 forecast
- Sentiment lowest since April
- Expectations lowest since January
- Market Reaction: Treasuries and MBS rallying just barely to best levels of the day.
Survey director Richard Curtin attributed the decline to "growing concerns that higher interest rates will diminish the pace of economic growth as well as job gains."
He added that a "cooling housing market has also affected homeowners' sense of personal financial progress."
Consumers were also apprehensive about fiscal policy and another potential battle in Washington over raising the government's legal borrowing limit, the survey showed.
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