The exuberant reaction in stocks at the Empire Fed's 3rd beat in a row soaring to its highest since April 2010 is perhaps missing a much more critical point - looking forward, survey respondents are their least positive about future business conditions in 13 months. This is the biggest MoM drop in over 3 years with a big drop in new orders expected along with less employees (the worst in 2014) and notably lower capex.
[2]
But then there's this - the future...
[3]
with the employment outlook worst in 2014
[4]
Charts: Bloomberg
