Inconvenient Facts

Recall that the First Business Bank did a great deed, commissioning a survey of businesses.

Perhaps the Open Market Committee of the FRB read it. Ticker doesn't swallow all the stuff that FOMC serves at its party.

Here's the part which comports very well with the survey:

Businesses are still cutting back on fixed investment, though at a slower pace, and remain reluctant to add to payrolls; they continue to make progress in bringing inventory stocks into better alignment with sales...