April Kansas City Fed Manufacturing Index fell further to -8 vs. -5 est. & -7 in prior month … new orders improved but stayed in contraction; both shipments and production fell further into contraction; prices paid moved higher … employment fell back into contraction pic.twitter.com/CEJHSblnhh

Rolling 60-day correlation between S&P 500 and Bloomberg Commodity Spot Index has slipped further into negative territory pic.twitter.com/CQJghTWbD1

Per below, the whole US yield curve shifted up in reaction to the data (see prior post), including the 2-year which traded above 5% as markets pushed to December the expectation of the first rate cut by the #FederalReserve. (Amazing to think that, just four months ago, #markets… pic.twitter.com/gmZDG1xxGU

This goes some way in reconciling what had been a notable divergence between much of the macro data (strong) and quite a few of the bottom-up indicators (weaker). #economy #growth #markets pic.twitter.com/OovJ1FVYBy