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The Empire State Manufacturing index, a key economic indicator gathered by the NY Fed, showed a stronger-than-expected result of 18.7, compared to the forecast of 6.1.
Gareth Soloway highlighted this unexpected increase as a factor likely reducing the probability of a Federal Reserve rate cut in December.
The robust performance of the Empire State Manufacturing index underscores the delicate balance investors must navigate amid shifting market dynamics. Similar concerns around heightened market enthusiasm were illuminated in recent commentary on market exuberance, while the interplay between major corporate earnings and policy expectations was previously addressed in discussions of Meta’s volatility following mixed results.