On the heels of a slowdown in China which was serious enough to cut interest rates, the Empire Fed numbers which came out this morning represent the second largest decline ever. It was expected to slip from 11.1 to 5.0. Instead, it plunged to -31.3, among the worst readings on record. Aside from the COVID crash, only Nov-Dec 2008 were worse.
Then, there’s Henry Kissinger – who knows a thing or two about global relations – who says we’re edging toward war with China and Russia.
Given all that, futures are off only slightly more than 1/2%. After all, Friday is OPEX.
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