U.S. PMI came in this morning at 49.9 vs expectations of 50.5. The reading below zero suggests an economy that may be contracting.

The Kansas Fed manufacturing activity was reported at a reading of -2 vs -10 consensus. The market rallied shortly after this report after falling most of the morning.

“As I look at where the economy is, it’s not yet time, I’m not ready, to provide more accommodation to the economy without seeing an outlook that suggests the economy is getting weaker," said conference host and Kansas City Fed President Esther George, reported Bloomberg, rebuffing President Trump's call for lower short term rates.

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