NY Fed Says Supply Chain Pressures Normalized in February

Global supply chains have "returned to normal," the Federal Reserve Bank of New York said March 6, with pressures dropping to the lowest since before the COVID-19 pandemic threw a wrench into procurement networks worldwide and created shortages for everything from microchips to motor vehicles.

In a development that could also point to softening inflation, the New York Fed said its monthly Global Supply Chain Index fell to a reading of negative 0.26 in February, down from a revised 0.94 seen in January. 

The negative turn for February---which indicates pressures are below the index's historic norm dating from 1998---was the first since August 2019.

To read more, see Reuters.