US DATA: Sep Conference Bd consumer confidence printed a lower than
expected 48.5 vs 53.2 Aug and 51.0 July. This is simply a seesaw to
the lowest level since Feb. Present situation 23.1 vs 24.9, and
Expectations 65.4 vs 72.0. Survey cut off Sept 21, and Conf Bd cited
less favorable business (46.1% bad biz conds) and labor mkt conditions
(46.1% Jobs Hard to Get vs 45.5% Aug). Condidence fell in the South,
West and New England. Buying plans fell for homes, but gained for
appliances and were steady for autos. It is unclear if the slightly
lower confidence will hurt spending much. 1y inflation expectation was
4.9% vs 5.0% in Aug, quite an unlikely result.