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Richmond Fed Mfg Meets Empire and Philly In The Middle

US DATA
  • The Richmond Fed manufacturing index was in line for Nov at -9 (cons -8) after -10.
  • It’s the fourth of the regional Fed surveys, two of which have been both in line and little changed (Richmond, Kansas), whilst Empire saw a surprising bounce and Philly a surprising drop.
  • The net result is regional Fed surveys continuing to show some downside risk to ISM mfg (next released Dec 1), but less so than prior to the latest stepdown in the ISM - see chart.
  • Within the details, price components were mixed, with the average growth rate of prices paid decreasing and prices received increasing somewhat, although in both cases expectations remained at much lower levels than current price trends which should continue to help limit fears of inflation expectations becomingn unanchored.

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