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US Philly Fed Mixed Price Signals

DATA REACT
  • The Philly Fed manufacturing survey was slightly stronger than expected in Jan, increasing from 15.4 to 23.2 (cons 19.0) in contrast to a sizeable decline in the Empire survey earlier this week.
  • There however some mixed price components within the survey. Current prices paid increased back towards series highs but relatively fewer firms passed this on with a second consecutive decline in the prices received component.
  • However, further prices paid pressures are expected ahead, with the 6-month ahead series jumping 23pts to 76.4 (highest since Aug’88) whilst expected prices received also firmed 8pts to 62.6 (vs recent high of 70 back in August).
  • The release coincided with a miss in jobless claims. Short-dated Tsy yields sit 1bp higher than immediately prior to the release whilst BBDXY continued its recent decline.
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