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Richmond Fed Business Survey Shockingly Rises… Here’s Why

Courtesy of ZeroHedge View original post here.

The Richmond Fed Business Survey smashed expectations today – printing an expansionary +2, from February’s -2 – massively better than the -13 print expected…

Source: Bloomberg

The reason for this shocking beat is not optimism… or a sign of a corner being turned… it is purely technical and exposes the farce of these ‘soft’ surveys.

The headline survey number was buoyed dramatically by a surge in supplier delivery times (which are normally a sign of improving demand) but in this case are caused by the abrupt halt of global supply chains – not a bullish thing at all.

Source: Bloomberg

Additionally, as is very clear, expectations for new orders collapsed to a record low.

Source: Bloomberg

So, the lesson is – don’t just trust the headlines. Richmond Fed survey expectations are a bloodbath.


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