Philly Fed Index Soars Far More Than Expected In July

The Philadelphia Fed’s regional manufacturing activity gauge for July rose by much more than expected, indicating stronger-than-prevailing momentum in regional factory conditions. With no magnitude provided in the report excerpt, the surprise is still likely to modestly support rate expectations and cyclical sentiment.

Analysis

The Philadelphia Fed’s regional manufacturing activity gauge for July rose by much more than expected, indicating stronger-than-prevailing momentum in regional factory conditions. With no magnitude provided in the report excerpt, the surprise is still likely to modestly support rate expectations and cyclical sentiment.