Yikes… a blogger’s worst nightmare. I had ‘Dallas Fed’ on the brain due to publishing a post by former Dallas Fed associate Danielle DiMartino Booth at Biiwii and mistakenly noted this as being from the Dallas, instead of New York Fed. Oh well, we move on.
In line with the most recent ISM (May), the New York Fed reports improved manufacturing activity.
Here are a few of the notables, which indicate expansion but also ‘prices paid’ (as in future PPI and potentially, CPI) pressure, as with the May ISM.
And now of course we await the Semiconductor Equipment industry’s book-to-bill data for May to see if we can establish a trend there. Combining all of these ingredients there is still a case for economic firming, a future rise in cost-push style inflation and a hawkish Fed out ahead. Meanwhile, it is recommended to tune down the noise of today.
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