Despite this morning's US Services PMI rise, US macro data is running at a 90% miss rate in February and Richmond Fed's tumble from 6 to 0 (11mo lows) along with The Conference Board's Consumer Confidence dropping the most since Oct 2013 merely confirm this trend. This is the biggest 4-month slump in Richmond Fed since 2010 as practically every sub index deteriorated. California, Florida and New York saw over consumer confidence collapse and Texas saw 'present situation' plunge. Consumer Confidence slumps... and Richmond Fed sees biggest 4 month drop since 2010 February... MISS Personal Spending Construction Spending ISM New York Factory Orders Ward's Domestic Vehicle Sales ADP Employment Challenger Job Cuts Initial Jobless Claims Nonfarm Productivity Trade Balance Unemployment Rate Labor Market Conditions Index NFIB Small Business Optimism Wholesale Inventories Wholesale Sales IBD Economic Optimism Mortgage Apps Retail Sales Bloomberg Consumer Comfort Business Inventories UMich Consumer Sentiment Empire Manufacturing NAHB Homebuilder Confidence Housing Starts Building Permits PPI Industrial Production Capacity Utilization Manufacturing Production Dallas Fed Existing Home Sales Consumer Confidence Richmond Fed BEAT Personal Income Nonfarm Payrolls JOLTS Markit Services PMI Case-Shiller Home Price * * * But apart from that, everything is awesome. Charts: Bloomberg