The 'soft' data decoupling from strengthening 'hard' data just went to '11' as this morning's Dallas Fed Manufacturing survey results were in a word - atrocious.

While Current Production remained positive, manufacturers in the Dallas Fed region have a dour outlook for business activity ahead (printing -35.3, below the lowest analysts expectation)...

Stagflationary trends persist under the hood as New Orders plunged as Prices Paid surged:

The respondents all had one thing on their minds - tariffs!

DOGE was also mentioned:

"Chaos at the federal level, tariffs and resulting raw ingredient costs, decimation of partner relationships due to canceled contracts "for convenience" along with stagflation concerns [are issues affecting our business]. 

DOGE [Department of Government Efficiency] is needed.

The DOGE without a follow-up plan does nothing for the domestic tranquility needed (stable arena for business to function within)."

And finally, one respondents reached out to The Fed directly for relief:

"Please lower interest rates. We need it in order to boost the economy due to the uncertainty and tariffs."

"There is too much uncertainty, including a possible recession. Interest rates are too high. The Federal Reserve always seems to be late for their own party."

Interestingly, these responses were receiuved AFTER the 'pause' on reciprocal tariffs were announced (and stocks rebounded from post-Liberation Day lows).