Consumer Confidence Falls Hard in November

The Conference Board just announced that its Consumer Confidence Index fell to 96.1 this month. October’s reading of 100.9 was revised to 101.4 as analysts expected November to come in at 98. The Expectations sub-index fell to 89.5 from 98.2. More disquieting news came from the Richmond Fed who just reported that its Manufacturing Index fell to 15 from 29 when a much milder dip to 20 was forecast. Equities are still rallying and bond prices are still off a bit.