US DATA: Feb Conf Bd consumer confidence 70.4 (better than
expected) vs 64.8 Jan (data were restated back to Nov because of
switchover to the Nielson Co polling). Present situation 33.4 vs 31.1;
Expectations 95.1 vs 87.3. Assessments of business and labor mkts
improved moderately and buying plans improved for autos, homes, and
appliances. 1y inflation expectation is 5.6%, absurdly high. Confidence
improved for most income groups. Jobs Plentiful 4.9 vs 4.6; Jobs Hard to
Get 45.7 vs 47.0, both improving. Conference Bd notes this level of
confidence is at at 3-yr high as optimisim grows about the short-term
future. They gave no reasons but perhaps this is related to rising
stocks, reduced Social Sec. taxes and better headlines about the
outlook. Offsets of higher gas prices and Mideast tensions might not
have worked into the index, whose polling closed on Feb. 10.