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Empire Mfg Sees New High For Prices Received

US DATA
  • Adding to the large US PPI beat, the Empire Manufacturing survey was weaker than expected as it only edged up from -0.7 to 3.1 in February (cons 12.0).
  • Within this, prices received increased a steep 17pts to "a record high of 54.1, signaling ongoing substantial increases in both input prices and selling prices" as priced paid was little changed but close to recent highs.
  • One factor caveating this increase was that the forward looking aspects of both prices paid and received did edge lower from recent highs.
  • "Firms were generally optimistic about the six-month outlook, but optimism waned" with the future business conditions series at its lowest level "since the early stages of the pandemic".
  • Surprisingly little market reaction to both releases, with Fed Funds futures pricing 42bps for March 16 and 164bps for 2022 in Fed Funds futures, seemingly struggling to price much more in whilst geopolitical risks remain.

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