Philly Fed: Economists smokin’ sumfin’

Economists expect the Philly Fed index to rise in June, to 6.8 from 3.9 last month.

I think they’re high…Given the sharp dive in ISM and the slump in Empire State yesterday, we’re likely headed negative in the Philly Fed today.

The index is set for release in about 20 minutes.

If the data is weak, look for more risk-off.