January’s Chicago Fed Index fell sharply to -0.39% vs. -0.03 prior; the index’s second down month following a leap of +0.73 in November. Production and Retail sales pulled down the main index with production posting -0.36 and Retail sales at -0.18. Positive contributions came from employment at +0.13 and sales/orders/inventories at +0.02. Dallas Fed Manufacturing activity is also expected to show a slow in growth with February expectations set at 3% vs. 3.8% prior. A slightly bear flatter curve persists with 2s10s down 0.5 bps.
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