Action Economics Survey results:
Action Economics Survey results: The markets are still reeling from the FOMC's surprise downshift on Wednesday. Treasury yields are tumbling, with the curves narrowing -- the 3mon-10-year even inverted briefly. Concurrently, equities are plunging. Does the FOMC know something analysts don't? Is the curve flattening a harbinger of a recession? It's all hard to know and it will take several quarters, at least, before analysts have a clearer picture. In the meantime, there will be an ongoing (and ongoing) focus on Brexit with the two-week extension. Trade uncertainties remain high. Meanwhile, recent U.S. data reports have been more mixed than bearish. And, upcoming numbers don’t look so bad either. The consumer confidence index is seen improving further to 132.3 in March, according to the Median estimate. Personal income and consumption are expected to rise 0.3% in February and January, respectively. The January trade deficit is expected to shrink slightly to -$57.7 B. And February new home sales are also expected to rise to a 0.617 M pace. For the first week of April, nonfarm payrolls are forecast increasing 185k in March.