Against expectations of a small drop to 11.0, Empire State Manufacturing Survey collapsed - by the most on record - from +17.8 to -8.6 in June. This is the first negative print since Oct 2016.

This was 10 sigma below expectations...

This is the biggest MoM drop in the survey in its history

Led by a complete collapse in New Orders

Additionally, contraction (not slowing) was evident throughout the survey...

Number of employees fell to -3.5 vs 4.7

Work hours fell to -2.2 vs 4.4

Inventory fell to -5.3 vs -4.1

Six-month general business conditions fell to 25.7 vs 30.6

The result is a quick drop in yields and the dollar...

Unleash The Fed!!??