Reuters/University of Michigan Consumer Sentiment
-Sentiment Index: 57.8. Previous was 55.7.
-Better than August, but future outlook lowest since 1980
-This survey index tries to measure consumers’ predisposition to spend.
-More from Reuters and TABLE below
Also I want to mention that yesterday’s united message from the central banks that they would provide liquidity to European banks had an oddball effect. Equities rallied and Treasuries sold as if this were good news. It is not good news. It is recognition that bad news (default) is coming. It does address the liquidity issue which will arise as a consequence. Default of Eurozone debt will result in capital problems of large banks in France and the U.S. banks which hold the credit default swaps on that debt.