As predicted earlier, UMich had no choice but to miss, because in centrally planned Bizarro markets only weak economic data leads to a rise in risk. Sure enough, with expectations of 76.2, the same as the March print, Consumer Confidence posted only its first decline since August, while missing expectations, printing at 75.7. And while a miss on its own would have led to a surge in stocks as NEW QE WOULD BE IMMINENT ANY SECOND NOW, the miss was less than the whisper number of 73.2 predicted, and as such this was merely one month of coincident data propaganda flushed down the drain. Also not helping things is that the Expectations index printed at 72.5, up from 69.8 and the highest since September 2009. With hope still so high it is hardly likely that the Fed will go ahead and appease everyone. Hope first has to be brutalized before Bernanke comes in to save the day and make the Fed appear like the 401(k)night in shining armor.
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