Obviously a very weak Philly Fed......>

US DATA REACT: Obviously a very weak Philly Fed number. From the survey report:

"The indicators for current activity, new orders, and shipments decreased

markedly from their readings in February."

- Notably, responses were collected from March 9-16, and there was actually a

slight overall increase in employment, so maybe the worst from COVID-19 hitting

the jobs market is yet to come.

- But interestingly, an overall rebound is expected: "The survey's future

indexes suggest that respondents expect declines to be short-lived, inasmuch as

they continue to expect growth in manufacturing activity over a horizon of six

months."