Factory surveys 2026-08: public prints, not a cut hall pass
Philly Fed factory 47.4 (+6.00 from prior, 2026-08) · Empire State factory 7.6 (-13.00 from prior, 2026-09) · Dallas Fed factory 11.6 (+10.30 from prior, 2026-08).
The desk read
A firm factory print is goods still moving. It does not retire depletion, and it does not pin the 10-year if energy CPI is still loud. Treat this as a pulse, not a permission slip for duration. Tape: WTI 103.44, US 10Y 5.002.