Sept Philly Fed -6.0 vs +5.9 expected

Prior was +8.3

• Lowest since Feb 2013
• Worst than the lowest forecasts on BBG

Another poor manufacturing reading underscores headwinds from the strong US dollar and slowdown in emerging markets. The Fed is focused on the 'now' but this is a sign about 6-12 months from now and it will only be worse if the Fed does more to boost the dollar.