Dallas Fed Plunges Negative. Biggest Miss In 10 Months

While the Dallas Fed Manufacturing Index tends to be a little less of a headline-maker than many of its macro-data peers, today's dismal report is worth paying attention to. The index turned negative for the first time this year, dropped to its lowest level in 7 months and missed expectations by the largest amount in 10 months. The drop from +10.8 to -3.4 is also the largest sequential drop in 11 months. Only the inventories sub-index rose (hardly a bright spot) as Production, Number of

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