Philly Fed Index Crushed: Comes In At 8, Expected 20
• ZeroHedge.com & CalculatedRiskblog.comPhilly Fed drops from 21.4 to 8, worst since August of 2009. Expected at 20. This means that the Fed will soon have its Congress OpCo legalize a) negative interest rates and b) make holding any cash in deposit or money market funds treason.
