1340 ET - Another factor driving consumer confidence lower in September was the surge in long-term interest rates in bond yields, says Gregory Daco, EY-Parthenon's chief economist. A confluence of factors, including inflationary concerns and rising oil prices fueled a sell-off in the bond market. Mortgage rates also hit 7% in September. "Whether you look at inflation developments or interest rate developments, they're both constraining consumer spending power and capacity," Daco tells WSJ.
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