Now that we are well into the realization that the novel coronavirus outbreak will have a severe effect on economic activity, at least in the short term, U.S. economic data has shifted markedly to confirming that situation. The uncertainty re-injected into the financial markets by the deadly pathogen has spooked economic decision makers coming off a positive end of year confluence of events, culminating with the signing of the 'phase one' trade deal with Beijing, and the impeachment resolution.

Richmond Fed Manufacturing Index (Feb) horribly missed estimates with a print of -2 vs the consensus estimate of a +13. This was after a large increase in January, so this was also a reversion to the mean.

It's almost as if the virus has shut down supply chains for American companies, which of course it has.

Housing prices increased .

Housing Price Index (MoM) (Dec) printed at 0.6% vs an estimate of 0.3%.

S&P/Case-Shillar Home Price Index (YoY) (Dec) printed at 2.9% vs 2.8% estimate.

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