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Another Sharp Move Lower In NY Fed Global Supply Chain Pressure Index

US DATA
  • The NY Fed’s GSCPI moved sharply lower again in March, from -0.26 to -1.06 standard deviations below its historical average, adding downside risk after M/M core PPI inflation had already stepped lower in Feb.
  • It had been tracking at circa +1sd above its average through Sep-Jan after the extremely elevated readings of 2021/1H22.
  • “There were significant downward contributions by many of the factors, with the largest negative contributions from European Area delivery times, European Area backlogs, and Taiwanese purchases.”
  • More here: https://www.newyorkfed.org/research/policy/gscpi#/interactive


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