Revision Wipes Outs "Surprising" December Philly Fed Surge
January 10, 2013 - 10:31am
On December 20, when we posted on the miraculous surge in the Philly Fed, offsetting the far weaker NY Fed data, we were left scratching our heads as the upwardly inflecting data made little sense in the context of broader data. To wit: "Three days ago the New York Fed released the December print Empire State index which showed a broad contraction across all key verticals. Today, in fine "keeping them baffled with bullshit" form, the Philly Fed swing precisely the other way, and despite expectations for a second consecutive negative print of -3 to be precise, up from -10.7 last month, the General Business Activity indicator printed at 8.1, the highest print since April, with New Orders at 10.7, the highest since February, and Employment at 3.6, the highest since April. Naturally, the algos pretending to trade on news, took this news and ran futures higher..." We also added, rather provi...
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