Continue with macro data
The just-released PMI for the manufacturing and service industries
This set of data means:
Manufacturing ------ Lower than expected Lower than previous value
Service industry ------ Maintain high level, slightly equal to the previous value
This set of data shows that the manufacturing industry is declining, but the service industry is still strong. What the Fed now has to face is to reduce the data on the service industry and increase the unemployment rate.
With the probability of interest rate hikes increasing, the possibility of a rate cut should be impossible this year.
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