Upbeat US PMIs Come With Ominous Warning For Fed

Economic activity in the US picked up markedly in early February, preliminary PMIs for this month suggested. In what may be viewed as evidence that January's hot data wasn't merely a reflection of good weather and seasonal adjustment quirks, S&P Global's activity gauges came in ahead of consensus and markedly so for the services sector. The flash read on the services index was 50.5, back in expansion territory and easily ahead of the 47.3 consensus expected. On the manufacturing side, a