Adviser confidence in the economy and stock market declined in June, according to Rydex AdvisorBenchmarking.
The Rydex Advisor Confidence Index fell 3.07%, to 96.93, from a month earlier.
Rydex AdvisorBenchmarking, a unit of Rydex Investments of Rockville, Md., cited heightened concerns about rising energy costs, higher inflation, and the subprime mortgage crisis.
David Cramer of Cramer Financial Services said that, to some advisers "the leadership of the banking industry" has "zero credibility."
Advisers were upbeat about the current economy but were more pessimistic about the 12-month economic outlook and the 12-month stock market outlook than they were in May.
The Conference Board Consumer Confidence Index, which has declined since last summer, posted a further decrease in May. The Consumer Confidence Index stood at 50.4, down 19.10%, compared with a 10.65% increase for the adviser index since April.
