Highlights of the January Philly Fed:
- Prior was 24.5
- Prices paid 14.0 vs 17.3 prior
- New orders 15.7 vs 35.7 prior
- Employment 7.2 vs 22.4
This is a dismal report but fundamentals don’t matter today. It’s all about flows and sorting out CHF. Put it this way, the value of the entire economy/country of Switzerland just jumped 15%. That’s a lot bigger news than the feelings of manufacturers near Philadelphia.
