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Kansas Fed Mfg Bucks Empire and Philly Misses

US DATA
  • The Kansas City Fed manufacturing index was marginally stronger than expected in December as it nudged up to -1 (cons -4) from -2.
  • It bucks an emerging trend of sizeable misses in both NY and Philly Fed surveys released so far: Empire -14.5 (cons +2.0) after +9.1, Philly -10.5 (cons -3.0) after -5.9.
  • The six-month ahead measure for the Kansas composite reading of +6 was the joint highest since Dec’22.
  • On prices: “Price increases for both raw materials and finished products picked up slightly this month with further increases expected. However, price growth eased year-over-year. Increases in raw materials prices continue to outpace finished product prices increases.”

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