Early Update – More Stagflation Evidence Confirmed By PMIs

12:00 p.m. ET After European PMIs came in ugly and boosting rate cut expectations from the ECB, U.S. PMI’s came in weaker than expected. S&P Global US Manufacturing PMI 47.0 (consensus 48.6, prior 47.9 ) – the lowest since June of 2023. S&P Global US Services PMI 55.4 (consensus 55.2, prior 55.7) – a beat of…