Today’s release on manufacturing activity by the Richmond Fed is pretty ghastly, as you would expect given that the effects of fiscal stimulus are now wearing off at accelerating pace – before the happy handover to the private sector is safely consummated – and given that the structural East-West imbalances that lay behind the global crisis are getting worse again.

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100007034/drip-after-drip-of-deflation-data/