Loading ...PPI – came in hotter than expected, quite a bit hotter.
OTOH, the Philly Fed Index got murdered at -24.3, as did housing starts down 4% month over month
So far, we are flattish with a downside bias. Seems with flat, it always carries a downside bias.
SM taking it on the chin. Tailwinds are now headwinds with rates up a couple bips and the USD the same.
As I type, the downside bias arrived and we are getting spanked. No safety here.