Why today's Philly Fed report is not as strong as it seems
Today's figures from the Philadelphia Federal Reserve appear bullish at first glance, but a closer examination reveals some mixed signals amidst a decidedly end-of-cycle overall tone.
Head of Macro Analysis, Saxo Bank Group
Summary: Rome and Brussels have reached an impasse over the Italian budget, with EU Economic Commissioner Pierre Moscovici threatening Italy with sanctions if it does not bring its spending in line with EU targets. Could another euro area crisis be on the horizon?