Philly Fed-

Unfortunately the internet connection here at the hospital is ultra-slow.

So the Philly Fed MISSED HUGE.  April printed at 18.5, expectations were for a print of 20, the real number? 3.9!!!!

Again and as usual, input costs are squeezing margins. We didn't see this earlier this week surprisingly, but in the Philly Fed, we are seeing the price increases being passed along to the consumer. I'd say, "Here comes stagflation", but it's hard to imagine it hasn't been with us for a while now when using common sense metrics.

This is a ridiculously low miss. We'll have to see if it was a one time spike, however , even if it was, this trend is firmly established. The only thing "transitory" from the Fed will be projected GDP.

It would appear the titanic miss was the source of that huge volume spike I showed you at 10 am.