Consumer confidence as reported by the conference board supposedly fell to 56 for the month of June, down from 57.2, marking the lowest since 1992 and ringing the bells of danger that the U.S. economy is still facing a lot of pressure, and the future of the personal spending despite those tax rebates might not be very bright.

Food and energy prices are still skyrocketing, cutting from consumers' pockets and kicking inflation levels up the sky, while growth is still dampened by less overall spending and with the consequences of the undergoing credit squeeze.

Fears from higher inflation and less growth might tie the Feds hands to move rates; stagflation might be an upcoming phase for the economy if it continues on the same pace, unless the fiscal stimulus which I consider a very smart preemptive strike from the fed was able to pick up growth levels.

Today's report might not be the end of the world for the economy, but it sure gives a very clear view on what people think about their economy, and do they actually believe that the worse is behind us or not, and the answers of those questions are not easy, and what consumers believe is very important in the economical equation.

Dear folks, let's wait and see what today's fundamental might say about the economy, and lets keep our breaths held for tomorrow's rate decision, where the final word for the fed will move markets in any possible way.