Trumphoria Fades As Empire Fed Manufacturing Survey Signals More Stagflation

Having spiked exuberantly in November and December following Trump's election, Empire Fed's manufacturing survey limped lower in January, missing expectations, and was revised lower as Trumphoria fades.

Jan Empoire Fed printed 6.5 (missing expectations of 8.5) from a revised lower Dec at 7.6 (from 9.0)


More worrisome still is the spike in prices paid (from 22.6 to 36.1) and tumble in new orders (from 10.4 to 3.1)...

Once again suggesting stagflationary forces are simmering just beneath the surface of equity market exuberance.