And here comes the first indicator that Q2 GDP is about to be mass revised by everyone, courtesy of Japan, and ongoing inflation pressures: the Philadelphia Fed collapsed from a revised 43.4 (a 27 year high) to 18.5, the lowest since November 2010. And here is why even the Philly Fed admits "indicators suggest slower growth" - "The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, decreased from 43.4 in March to 18.5 this month (see Chart). The demand for manufactured goods, as measured by the current new orders index, showed a similar slowing: The index fell 22 points, following seven consecutive months of increase. The shipments index declined 6 points and remained at a relatively high level....A majority of firms continue to cite price pressures, and a significant share of firms reported higher prices for their own manufactured goods again this month." Translation: Wall Street Q2 GDP revisions coming en masse: the podium is yours Jan Hatzius.
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