Hedge funds are shorting stocks again, boosting leverage to new record. Chicago PMI plunges to four-month low, sinks to 40.5 in May. Supercore PCE turns negative for the first time since covid.

The Chicago Purchasing Managers’ Index fell for a second straight month to its lowest level in four months. The index sank to 40.5 this month from 44.6 in April, falling short of the 45.1 forecast. The latest reading marks the …

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