After a slew of weak data, US Industrial Production did not do anything to help matters as it fell 0.2% MoM (worse than the 0.0% expected) – its weakest MoM drop since Sept 2021.
Source: Bloomberg
On a YoY basis, the +2.5% growth is the weakest since March 2021.
Manufacturing also tumbled in November, dropping 0.6% MoM – also the worst since Sept 2021…
Source: Bloomberg
Overall capacity utilization dropped further in November to 79.66% – the lowest since Feb 2022…
Source: Bloomberg
Is this what Powell wants to see? Is monetary policy’s long and variable lag finally catching up to the real economy?
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