And so it begins. After exploding higher post-election, it appears the ‘soft’ survey data hype has begun to fade. Empire Fed’s manufacturing survey tumbled the most since May 2016 in April, almost erasing the entire post-election surge. New Orders (current and expected) slumped and the average workweek caved as Trump’s ‘plans’ remain stymied.

And just like that… hope died.

This won’t end well…

It seems the bond market may have been right after all.