Question of the week
The Institute of Supply Management (ISM) publishes the Purchasing Managers Index (PMI – also called the ISM Manufacturing Index). The index measures the relative level of US business conditions, including employment, production, new orders, prices, supplier deliveries and inventories. Data for the index is compiled from a survey of approximately 400 purchasing managers in the manufacturing industry.
An index reading above 50 indicates an expanding manufacturing economy and a reading below 50 indicates a contraction. Similarly, a higher-than-expected reading is seen as positive/bullish for the US dollar, while a lower reading is interpreted as negative/bearish for the US dollar.
See also : https://latribune.lazardfreresgestion.fr/en/what-are-fed-funds/
The opinion expressed above is dated 14th October 2020, and liable to change.
This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Frères Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Frères Gestion SAS. LAZARD FRERES GESTION – a simplified joint stock company with share capital of €14,487,500 – Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES – 75008 PARIS, FRANCE
