Early Update – More Stagflationary Data Ahead of the FOMC

11:21 a.m. ET This morning we have more stagflationary data.  S&P Global’s US Manufacturing PMI (survey) fell from 51.9 in March to 50.0 as the final print for April. ISM’s Manufacturing survey also missed, dropping from 50.3 to 49.2 (below 50 denotes contraction). More to the point, while manufacturing growth is contracting with  ISM New…