The economic hits keep coming.
After the open, the Dallas Fed Manufacturing report saw General Business Activity decline 22.6 percentage points this month from June. It’s the lowest level since May 2020, and it is the third consecutive monthly decline.
We also learned the Chicago Fed National Activity Diffusion Index slipped to -0.19 for the second straight quarter.
Forty four of the 85 indicators were negative, as Production and Income, along with Consumption and Spending, weighed the index lower.
This market is a coiled spring for sure, and I suspect ready to pop higher. But the ten-year yield is going to have to fill that gap at 2.90 and the come down to test 2.70 - that is where equity bulls, and even fence sitters, will become antsy.
Conversely, so many balls are in the air, I think we have to live with this angst for most of the week.
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