Against expectations of a small drop to 11.0, Empire State Manufacturing Survey collapsed - by the most on record - from +17.8 to -8.6 in June. This is the first negative print since Oct 2016.
This was 10 sigma below expectations...
This is the biggest MoM drop in the survey in its history
Led by a complete collapse in New Orders
Additionally, contraction (not slowing) was evident throughout the survey...
Number of employees fell to -3.5 vs 4.7
Work hours fell to -2.2 vs 4.4
Inventory fell to -5.3 vs -4.1
Six-month general business conditions fell to 25.7 vs 30.6
The result is a quick drop in yields and the dollar...
Unleash The Fed!!??