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Regional Fed Mfg Surveys Round Out A Mixed Month Ahead Of ISM

US DATA
  • The Dallas Fed manufacturing index completes a mixed January for regional Fed mfg measures, with a stronger than expected bounce from -20 to -8.4 (cons -15.0).
  • Philly, Kansas and Dallas saw improvements on the month whilst Richmond and most notably Empire (from -11 to -33) saw large decline to new recent lows.
  • Ahead of ISM manufacturing on Wed, the combination leaves an average consistent withonly marginally below consensus for 48.0 from 48.4 in Dec, having first fallen back below 50 in November.
  • Next though is tomorrow’s MNI Chicago PMI, which barring the November undershoot has had a better fit over the cycle.

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