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Philly Fed Explodes To Highest Since Interest Rates Were 14%

Courtesy of ZeroHedge View original post here.

The Philly Fed Business Sentiment Indicator exploded higher in March. Against expectations of a rise from 23.1 to 23.3, it jumped by the most ever to 51.8…

Source: Bloomberg

That is the highest level since the Arabian Oil Crisis in 1973.

Under the hood, everything jumped except inventories…

  • New orders rose to 50.9 vs 23.4

  • Employment rose to 30.1 vs 25.3

  • Shipments rose to 30.2 vs 21.5

  • Delivery time rose to 29.5 vs 15.1

  • Inventories fell to 12.1 vs 20.0

  • Prices received rose to 31.8 vs 16.7

  • Unfilled orders rose to 21.8 vs 12.6

  • Average workweek rose to 39.7 vs 30.6

  • Six-month outlook rose to 61.6 vs 39.5

But, the surge is driven by a massive spike in the prices-paid index (which rose to 75.9 vs 54.4)

Source: Bloomberg

As a reminder, the mid to late '70s were not a fun time for inflation and markets… and 10Y Yields were at 14%!!

…Brace, as either corporate profits are about to be crushed or the end customer is about to see huge inflation…

But, as Powell reassured us all, this is just transitory.


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