The ISMs Job Indices Point To A Downside NFP Surprise
This is the second lowest reading since June 2020
Highlights
• Weak ISM employment numbers set the stage for a downside surprise on NFP
• Fed speak and the SEP forecasts tell two different stories
• Anemic credit growth doesn’t confirm the message coming from GDP
• Gap between the consumer survey data and “resilience” narrative is widening
While We Were Sleeping
“Rates need to come down over the next twelve …
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