off-the-wire

NY Fed says supply chain pressures normalized in February

Kitco Media
By Reuters
Published:
Updated:
Reuters

NEW YORK, March 6 (Reuters) - The Federal Reserve Bank of New York reported Monday a large drop in global supply chain pressures last month.

The bank said that its monthly Global Supply Chain Index moved to a reading of negative 0.26 in February, down from the upwardly revised 0.95 seen in January. The negative reading was the first since August 2019.

The bank said that reading for last month signaled a notable drop in supply chain pressures, which wreaked havoc throughout the global economy due to the coronavirus pandemic. The index's recent shifts "suggest that global supply chain conditions have returned to normal after experiencing temporary setbacks around the turn of the year," the bank said.

Reporting by Michael S. Derby; Editing by Chizu Nomiyama
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.