The October Philly Fed Index came in at 6.0 from -6.1 and against consensus of 4.1, the best reading since May 2022.  Future and Current Activity are higher.

The red flag came with prices paid at 35.4 (highest since February 2023) from 19.5 and prices received at 24.6 from 6.2.

Meanwhile, the ten-year bond yield (TNX) continues to move higher.

The Bloomberg Aggregate Bond Index drawdown is the longest and largest on record. 

And now stories are running rampant about US national debt as the nation’s Achilles heel.

These comments are not new, each time they arise debt is higher.

There is no panic in the market but certainly a feeling of uneasiness.