RBC's monthly consumer confidence index for February inched down as the unrest in Egypt, rising fuel prices and volatile markets weighed on consumer sentiment. But Tom Porcelli, RBC's U.S. Economist, says he is surprised consumer confidence didn't drop further.

The index declined to 44.5, down 0.4 points from January's 44.9 but still above the 42.6 points recorded a year ago. The survey also found that 62% of Americans are not confident in municipal bonds as an investment, with only 22% saying they were. But they are more confident about their own personal finances and more Americans think now is a good time to buy stocks.

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