Consumer Confidence Index
January's Consumer Confidence Index (CCI) is also set for tomorrow, coming at 10:00 AM ET. The CCI is an indicator of consumer sentiment, which is important because waning confidence in their own financial situations is a sign that consumers are less willing to make large purchases in the near future. Since consumer spending makes up over two-thirds of the U.S. economy, market participants are very attentive to related data. Analysts are expecting to see a slight decline from December's 108.3 reading, indicating consumer confidence was weaker this month than last month. A reading much smaller than the expected 108.1 would be ideal for the bond market and mortgage rates. A higher reading would mean that consumers are more likely to spend in the immediate future, fueling economic growth and possibly pushing mortgage pricing higher.