``Important is the big picture trend and the response of manufacturing to Fed stimulus. After rebounding sharply from the 2009 bottom through early 2011, the trend then stalled. The annual growth rate has been close to zero since April of 2010. Since the Fed started settling its QE3 MBS purchases in November 2012, this index has shown no material improvement. The money printing is not trickling into the manufacturing sector.  The ISM data for May suggests that the factory data for that month will be even worse. So don't believe the hype about a return of US manufacturing.''

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