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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Price components within the Empire Fed manufacturing survey were notably soft in December.
- Current prices paid fell 17.5pts, the sharpest since mid-2012 outside of the 18.7pt drop in Apr’20 and whilst it didn’t fully feed through to selling prices, the -6.4pt drop was still sizeable.
- At 33.0 and 18.8, it leaves prices paid and received at softest levels since Nov’20 and Jan’21 respectively.
- As noted earlier, the survey can be volatile and service indicators are more in vogue with the Fed keenly watching non-housing service inflation, but it nevertheless offers further confirmation of the material improvement seen in supply chains to date.
- Six-month ahead measures meanwhile suggest some scepticism over the latest improvement though. Both expected prices paid and received saw a solid decline on the month but this only reversed a large increase the month prior, leaving the diffusion indices a little above lows seen in the second half of last year (albeit still down significantly from the heights of pandemic disruption).
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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