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Weak Kansas Fed Mfg Expectations

US DATA
  • Similar-sized miss on the month in the composite index in Oct (-7 vs -2 expected after +1) to Empire, Philly & Richmond, with -7 being the lowest since May'20.
  • "The future composite index dropped from +9 to -1, with the future production, new orders, order backlog, employee workweek, new orders for exports, supplier delivery time, and finished goods inventories indexes also moving into negative territory."
  • Little reaction to the data as Treasuries have already rallied significantly on the day post-ECB, but continues to support the move with the 5YY -10bps on the day at 4.08%.

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