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NY Fed Global Supply Chain Pressure Index Sharply Lower In Feb

  • The NY Fed’s GSCPI (found here) moved sharply lower in February, from 0.94 to -0.26 for the first negative reading since Aug’19.
  • The series had tracked sideways at that circa +1std dev reading since September at a time that the moderation in core CPI goods and PPI inflation had stopped, with both surprisingly accelerating into January.
  • “There were significant downward contributions by the majority of the factors, with the largest negative contribution from European Area delivery times. The GSCPI’s recent movements suggest that global supply chain conditions have returned to normal after experiencing temporary setbacks around the turn of the year.”

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