December Consumer Confidence Disappoints at 89.1, Signaling Economic Weakness

December Consumer Confidence

• 📉 The December consumer confidence index from the Conference Board came in at 89.1, missing the expected 91.0 and marking a disappointment.
• 📈 This figure is an improvement from the revised 92.9 of the previous month, which was the best reading since October's 95.

Present Situation and Expectations

• ⚠️ The present situation index registered 116.8, a significant miss and the weakest reading since February 2021.
• 📊 Expectations for the future came in at 70.0, matching the revised 70.7 from the previous month, which were the best readings since October.

Manufacturing and Services Data

• 🏭 Richmond Fed Manufacturing data showed a reading of -7, the weakest since October.
• পরিষেবা The services sector also showed weakness with a reading of -11, also the weakest since October.

Market Reaction and Yield Curve

• 📈 The 10-year Treasury yield hit 4.20%, approaching a 3.5-month high.
• 📉 The 2-year yield was trading at 3.54%, up three basis points.
• ⚖️ The yield curve has flattened by approximately 1.5 basis points.