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Philly Fed Down 3rd Month In A Row, "Hope" Plunges Most Since Lehman

Following January's crash in Philly Fed from 21-year highs to 12-month lows, expectations among the Keynesian-gazers was for a mean-reverting bounce... it didn't. Falling for the 3rd month in a row, Philly Fed printed a worse-than-expected 5.2 (against 8.43 exp), its lowest in a year. New Orders tumbled to its lowest in a year but most critically, "hope" - the six-month forward outlook index  - tumbled from 50.9 to 29.7 - the biggest MoM drop since lehman.

 

From 21-year highs to 12-month lows...

 

As Hope collapses most since Lehman..

 

Unde rthe covers it is very ugly...

 

Charts: Bloomberg