For the second month in a row, Richmond Fed printed below 0 - which has prompted renewed QE from the Fed, or a recession, in the past. At -3 (worse than the -2 expected), this is the 5th miss of the last 6 months. Under the surface, components improved but New Order Volume, capacity utilization, and shipments all printed a negative contractionary level. While the data bounced, it remains a weak bounce off 2 year lows.
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Charts: Bloomberg
