While 'soft' survey data has been disappointing, hard macro data has been resilient and Industrial Production ended 2025 on a bright note with a 0.4% MoM surge in December (considerably better than the +0.1% MoM expected) complementing November's 0.4% MoM rise. This left industrial production up 2% YoY...
Source: Bloomberg
The index for utilities increased 2.6 percent in December, supported by a rise of 12.0 percent in the index for natural gas...
US Manufacturing output also rose more than expected, +0.2% MoM vs -0.1% MoM exp.
Source: Bloomberg
Capacity Utilization also rebounded in December, seemingly breaking the downtrend...
Source: Bloomberg
This 'positive' macro news seems at odds to the soft survey data that suggests the end of the world.
Finally, rate-cut expectations are lower still following this 'good' news.
Loading recommendations...