US Manufacturing Surveys Beat Expectations But Employment & Business Expectations Tumble

However, there is some darker clouds on the horizon, as Williamson notes:

“These backlogs of orders should support further production growth in the next few months, adding to signs of impressive economic expansion over the summer. But manufacturers’ expectations further ahead have moderated, hinting that the growth rate is peaking, linked to worries about capacity limits being reached, rising prices hitting demand and a peaking of stimulus measures.”

The Fed is cornered - as markets start to face up to the reality of waning free money, Powell and his pals can't ease any more amid "unprecedented" crushing of Americans' living standards by the soaring inflation being seen everywhere.

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