University of Michigan Consumer Sentiment (Prelim)
The final report of the week is going to be May's preliminary reading to the University of Michigan's Index of Consumer Sentiment at 10:00 AM ET. This index measures consumer willingness to spend that relates to consumer spending. If consumers are more confident in their own financial situations, they are more apt to make large purchases in the near future. This report usually has a moderate impact on the financial markets though, because it is not exactly factual data. It is expected to show a reading of 90.2, up from April's final reading of 88.3, indicating consumers are a little more confident than last month. If it shows a decline in confidence, bond prices could rise and mortgage rates may move slightly lower because waning confidence means consumers are likely to spend less, restricting economic growth.