9/28/2016
By Charles Payne, CEO & Principal Analyst

There are lots of ways to measure Main Street sentiment. One of the best ways is the Conference Board reading on consumer confidence.  The index was largely drifting this year until the last couple of months, where it’s begun listing off.  Tuesday’s reading of 104.1 is the highest since August 2007.

The move was driven by a surge in present conditions, which lends credence to assumptions that wages are finally on the move.  Moreover, there is a greater sense that jobs are becoming more available.

The lone red flag in the report was the sharp decline in response to a ‘good’ time to start a business: 27.4 from 30.3.  Still, the report was super impressive. 

In light of the presidential debate and outside pressure for the Fed to hike rates, there’s no way it’s going to happen with banking anxieties and the recent spate of sub-par economic data.  Sure, there is something to the notion that the Fed is political, but more than anything, Yellen & Co have boxed themselves into a corner.

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Charles Payne
Wall Street Strategies

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