Citi's Sentiment Indicator Crashes, And Four Other Things That Scare The Bank
In his latest note, Citi's Jeremy Hale shows something troubling to all those, such as Bloomberg, who point to yesterday's ISM manufacturing sentiment indicator (while ignoring the rapidly slowing PMI) as indication of more upside left in the economy: according to the Citi cross-asset strategist the bank's NISI Index (news implied sentiment indicator, Figure 1), has plunged sharply into bearish territory in the latest print, to its lowest level in 18 months, since January 2016.