Following January's crash in Philly Fed from 21-year highs to 12-month lows [4], expectations among the Keynesian-gazers was for a mean-reverting bounce... it didn't. Falling for the 3rd month in a row, Philly Fed printed a worse-than-expected 5.2 (against 8.43 exp), its lowest in a year. New Orders tumbled to its lowest in a year but most critically, "hope" - the six-month forward outlook index - tumbled from 50.9 to 29.7 - the biggest MoM drop since lehman.
From 21-year highs to 12-month lows...
[5]
As Hope collapses most since Lehman..
[6]
Unde rthe covers it is very ugly...
[7]
Charts: Bloomberg
