• Markets largely fade a small beat for the Chicago Fed national activity index at 0.10 (cons -0.1) unchanged from an upward revised 0.1 (prior 0.0).
• It implies national activity held just above trend in September, with increases led on the month by production and income after a largely flat August, whilst on the flipside sales, orders & inventories pulled back.
• However, attention is more firmly on the upcoming S&P Global US PMI preliminary prints for October after Empire and Philly manufacturing surveys both came in a little weaker than expected in October.

Source: Chicago Fed