Quick take on the US data

University of Michigan consumer confidence index fell sharply in January. Manufacturing in the Fifth District (Federal Reserve Bank of Richmond) entered contraction territory. Housing Starts fell. Finally, US Services Sector PMI shows signs of cracking. But, Dow-Jones index rallied from -200 points to + 53 points by the close on Wednesday, 24 February 2016. May be, it rallied because of these news. More bad news means less Fed tightening or even reversal of policy into zero or negative rates and helicopter drops.

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