Already Gone! U.S. Manufacturing Index Falls to Lowest Since 2020 As Fed Signals Removal Of Monetary Stimulus (As 10Y Treasury Yield Tries To Breech 3% Barrier)

What happens when the massive Fed stimulus is gone? Its Already Gone … or going.

A measure of U.S. manufacturing activity unexpectedly dropped in April to the lowest level since 2020 as growth in orders, production and employment softened.

The Institute for Supply Management’s gauge of factory activity fell to 55.4 last month from 57.1, according to data released Monday. The Manufacturing Prices index remained elevated.

As the 10-year Treasury yield tries to breech the 3% barrier.

And as The Fed continues to threaten tightening of their monetary follicies, the S&P 500 index is down 14% since Dec 31, 2021.

And the NASDAQ had it worst monthly loss since 2008.