With 'soft' data broadly tumbling to catch down to 'hard' data's demise, today's Philly Fed exuberance stands out like badly-adjusted sore thumb. Beating expectations by 6 standard deviations (38.8 vs 18.5 exp),

the breakdown shows employment dropped, new orders dropped, prices paid dropped, but shipments surged.


Looking at the full breakdown of the Philly sentiment print, most of the component and especially future indicators fell. For example, the 6m outlook fell to 34.8 from 45.4 previously...

"Seasonal" adjustments to the rescue?