And there, folks, is your phrase of the day: ‘Air got let out of the balloon’ was what one respondent to the Chicago PMI survey said, regarding the economy in April.
That choice phrase was flagged by Nomura’s Ellen Zentner, and it seems to describe the general feeling of things.
In addition to the weak Chicago PMI report, The Dallas Fed manufacturing report was weak, with the first negative reading we’ve seen on a regional Fed reading in quite a while.
Markets are down, but not that huge yet. It’s possible that growing hopes for QE3 are keeping things afloat.