- "Severe winter weather contributes to weak business activity," says the Philadelphia Fed, leading off its business outlook survey for February.
- Full report
- The headline number of -6.3 fell from 9.4 in January and is the first negative print in nine months. New Orders fell to -5.2 from 5.1. Shipments plunged to -9.9 from 12.1. Delivery Times -10.6 from -2.8. Prices paid 35.3 vs. 18.7.
- Asked about the state of underlying demand, more than 45% said it was increasing, while 19% said it was decreasing.
- Optimism remains about the next six months, with the future general activity index rising 5.8 points to 40.2.
- The Treasury market is buying the bad weather excuse, with prices remaining lower and yields higher. TLT -0.2% and the 10-year yield up a basis point at 2.75%.
- ETFs: TBT, TLT, TMV, TBF, EDV, TTT, TMF, SBND, ZROZ, TLH, DLBS, VGLT, UBT, TLO, LBND, TYBS, TENZ, DLBL
Philly Fed blames weather for February plunge
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