The Philly Fed survey is a measure of regional manufacturing growth, also known as the "Manufacturing Business Outlook Survey". When the index is above zero, it indicates factory-sector growth, and when below zero, it indicates contraction. In global macro, a rising Philly Fed survey is considered a signal that a bull market is on the horizon.
Goldman Sachs has lowered its probability for a US recessions further, giving just a 20% chance of recession.
How global capital markets interact with each other is one of the most useful parts of global macro. US Dollar is in a downtrend but statistically oversold short-term.
Probabilistically, what's most likely to happen next is inertia; staying the same. The second highest is continuing the recent trend. The third is to reverse into a countertrend.
Macro is top of mind in market phases like this, when the Federal Reserve FOMC has been raising interest rates in response evolving macroeconomic data to tame inflation.
Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole, so we monitor macro indicators.