According to the Conference Board’s latest survey, consumers are less confident this month than they were in June. The Consumer Confidence Index fell to 92.6 from an upwardly revised 98.3 when forecasts called for only a dip to 95. The Present Situation sub-index fared better with a move to 94.2 from 86.7. But, and this is the kicker, the Expectations sub-index absolutely cratered to 91.5 from 106.1. What are those consumers expecting? Meanwhile, the Richmond Fed chimed in with a very positive report about its Manufacturing Index. It vaulted to a July value of 10 from June’s zero as surveys suggested a move half that size to 5. Markets are little changed from their opening levels.