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Philly Fed Expectations Plunge As Prices Paid Hit 43 Year High

Tyler Durden's Photo
by Tyler Durden
Thursday, Mar 17, 2022 - 01:07 PM

The mainstream headlines crowed that this morning's Philly Fed Business Outlook Survey printed 27,4, almost double expectations, but below the surface things were not quite a 'bullish' as the headlines sound.

Following Empire Fed's plunge, Philly Fed surged from 16.0 to 27.4, against expectations of a small drop to 14.5...

Source: Bloomberg

That is the biggest difference between the two surveys... ever...

Source: Bloomberg

And finally, bear in mind that while some factors were supportive in the Philly Fed survey, expectations for business in the next six months tumbled back near post-COVID lows while prices paid soared to their highest since 19769...

Source: Bloomberg

If that's not a stagflation expectation, we don't know what is.

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