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Wow! That was an impressive print in the Philly Fed Manufacturing report.  While economists were expecting the headline index to come in at a level of 11.0, the actual reading was more than triple that at 36.7.  While the Philly Fed report tends to be volatile, this morning’s release was the strongest relative to expectations going back to at least 1998!  Not only that, but the actual level of the index is also one of the strongest readings we have seen since the mid-1990s. Jobless Claims were also strong coming right in line with expectations at a level of 210K.  So, how many cuts was the market pricing in?

Read today’s Bespoke Morning Lineup below for the latest on the impact of the coronavirus, the major shift in betting markets following last night’s Democratic debates, earnings data out of Europe, and the latest credit growth figures out of China.


As fears over the coronavirus start to ebb, Chinese stocks have been on a tear.  Since reopening from the Lunar New Year holiday earlier this month, the Shanghai Composite has rallied more than 11% and actually closed last night above where it finished heading into the holiday.  There has been a consensus among investors that the impact of the coronavirus would be transitory, but we’re not sure anyone expected all of the post-New Year declines to be erased in just three weeks!

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