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Unexpected slowdown from Chicago PMI

Apr. 29, 2016 10:13 AM ETTLT, TLH, SPTL, EDV, TBT, TMF, TMV, TBF, ZROZ, VGLT, UBT, LBND, SBND-OLD, DLBL-OLD, DLBS, TYBS, TTT, VUSTXBy: Stephen Alpher, SA News Editor14 Comments
  • The Chicago PMI slipped to 50.4 in April from 53.6 previously. Expectations had been for just a marginal decline.
  • The fall was led by New Orders, which dipped to their lowest level since December. Backlogs saw a double-digit decline, and employment fell back into the contraction zone below 50.
  • Production, meanwhile, posted a small rise, while supplier deliveries jumped to the strongest level since October 2014.
  • Chief Economist of MNI Indicators Philip Uglow: “This was a disappointing start to the second quarter ... panelists are now more worried about the impact a rate hike might have on business than they were at the same time last year.”
  • Full report here
  • The 10-year U.S. Treasury yield has dipped a bit since the print, but is still higher by 2 bps on the session to 1.84%. TLT -0.35%, TBT +0.7%.
  • ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL

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