Global PMI - 2023-01-05
Date:
Friday, January 6, 2023
Summary:
US services PMI is a shocker, and so out of synch with other data we have to doubt that it's even right. But... but... you have to respect PMI's because, unlike most macro data, they are forward looking. Unfortunately, the worst element was the most forward-looking: orders. Fell. Off. A. Cliff. This will certainly test the "bad news is good news" hypothesis, and it becomes part of our "one and done" forecast for the Fed.