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US Empire Mfg Conditions Slide In Jan

DATA REACT
  • The Empire Fed survey was far weaker than expected in January as current business conditions index dropped from 31.9 to -0.7 (cons. 25.0), the first main business survey for Jan (surveyed Jan 3-10).
  • Whilst close to 0 and implying an abrupt plateauing of business activity, the press release doesn’t read particularly negative apart from a steep fall in the new orders index to -5 marking a slight but outright decline on the month.
  • Forward looking business conditions saw a much smaller decline of just -1.3pts to 35.1, potentially hindered by 6 months ahead prices paid and received measures hitting new series highs (going back to 2001) whilst expected unfilled orders also rose.
  • There has been limited market reaction in rates (shorter-dated Eurodollars quickly retracing an initial small increase, with similar reaction in TYH2) whilst BBDXY has unwound a small move prior to the release.

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