This survey remains consistent with a booming manufacturing sector.
Those arguing that the Fed will soon take a time-out from gradually normalizing the level of the fed funds rate will have found little encouragement in these minutes.
The Fed has got a difficult balancing act in the months ahead. The Fed is increasingly concerned indicators of a cooling housing market imply future downside risk to growth.
This is a very strong survey.
Fourth quarter probably marked the trough although we could see an equally weak number in the first quarter.
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