The Consumer Credit Report was just released at 15.5 bil as opposed to expectations of 9 billion.
Consumer Credit is one of those reports that can have a different effect on the markets depending on how it is interpreted. It represents the amount of credit that consumers owe on installment debts. Depending on economic conditions, a high reading can be good as it would mean money is being spent in the economy. But given the recent bad jobs data, fear of a recession, etc..., this high of a number will likely spark the fear that consumers are overextended and that future spending will suffer as consumers are forced to deal with higher levels of debt. One of the reasons I like this report is that a reading like this is almost fool-proof. On the one hand, if consumers have too much debt and thus spend less money in the future, consumer spending will suffer which will hurt securities. On the other hand, consumers who do not struggle to pay this debt and simply charge it off, end up costing corporations billions. Either way, securities take a hit which is good for mortgage rates.
I would float through the afternoon.