U.S. Economic Indicators

The University of Michigan Consumer Sentiment Index rose 0.2 point to 95.7 in the preliminary November reading but is down 1.8 points from November of last year. The Index of Consumer Expectations rose 1.7 points to 85.9 while the Current Economic Conditions Index fell 2.3 points to 110.9. University of Michigan

U.S. News

The Wall Street Journal reports that President Trump has contradicted an earlier statement from Chinese officials that each country would roll back tariffs as part of phase one of a potential trade deal, stating that the U.S. has not yet agreed to any reduction in tariffs. The remarks raised questions about how smoothly negotiations are proceeding behind the scenes. WSJ

According to Bloomberg, the median age of first-time U.S. homebuyers has risen to a record high of 33, reflecting young Americans’ struggle to become homeowners amid a nationwide shortage of affordable housing options. Elevated debt levels have made it harder for younger Americans to save for a down payment, and tighter lending standards make getting a bank loan more difficult for buyers without excellent credit scores. Bloomberg