More Diffusion Confusion: Chicago PMI Refutes Every Other Piece Of Negative September Economic Data
The market surged a few minutes prior to 9:45am, as the Chicago PMI was prereleased to subscribers. The number came in far stronger than expectations printing at 60.4 vs. expectation 55.5, compared to a previous read of 56.7. Even so the employment index declined to 53.4 vs. Prev. 55.5, while the New Orders component surged to 61.4 vs. Prev. 55.0, even as all other regional Fed surveys saw a decline here. Lastly, the prices paid also declined to 55.0 vs. 57.2 previously. All in all, nothing makes sense anymore, as data conflict one day to the next, which means the HFTs are sitting pretty and today's upward churning feedback loop is about to be unleashed. At the end of the day, all this "economic data" stuff is for amateurs. Today's POMO is starting in 25 minutes. Strap in.