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US PMIs Signal Stagflation Fears Accelerating As War Started

US PMIs Signal Stagflation Fears Accelerating As War Started With 'hard' US macro data having drifted weaker all year, consensus was expecting only a modest decline in S&P Global's US Composite index in preliminary March data (that presumably will be affected in some part by the war and its consequences). The consensus was right, but the picture was mixed with Manufacturing PMI surprising to the upside (52.4 vs 51.5 exp vs 51.6 prior) - highest since Oct 2025. Services PMI, on the other hand, disappointed, falling to the lowest since April 2025... Source: Bloomberg Overall,...
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