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Philly Fed Renewed Evidence Of Inflation Weighing On Growth

US DATA
  • The overall measure dropped back close to recent lows of 17.6 but the future activity measure saw a more material slide, down 15pts to just 8.2, the lowest since Dec-2008, led by expected new orders.
  • Current period prices paid touched new highs since Jun-1979 whilst prices received increased but remain off earlier highs.
  • Forward looking price components were marginally more encouraging as both dipped but remain near highs.
  • Little market impact with front-end Tsys only rallying 1bp on a day when they’re up 4.8bps, with Powell ahead and the broader S&P Global PMI tomorrow, but it will add to concerns that inflation is weighing on growth at the margin.
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