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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GLOBAL
The NY Fed's Global Supply Chain Pressure Index ticked higher in October (to 1.00, from a 22-month low of 0.89 in Sept), driven by "upward pressures from Taiwan delivery times, Taiwan purchases, Asia outbound air freight, and U.K. backlogs."
- This corresponds with some of the mixed hard and soft supply chain-related data readings seen in September and October.
- While some regional US manufacturing surveys indicated limited supply chain progress, the MNI Chicago Business Barometer showed Supplier Deliveries moderated further to near pre-pandemic levels.
- It's unclear whether the next few months will see as strong a reduction as earlier in the year. China's prolonged Covid lockdown is one factor that will weigh against further improvement.
- Nonetheless the worst looks very much in the past for manufacturing supply chain pressures: as the chart below shows, there is good reason to expect US core producer prices to come down sharply from their recent peak over the next 12 months, which will spill over into broader disinflation with a lag.
Source: NY Fed, US BLS, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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