HERE COMES THE PHILLY FED'S BUSINESS OUTLOOK...

The Philadelphia Fed's survey of business conditions for December prints at 10 a.m.

Consensus is for a print of 10.0, compared with a prior reading of 6.5.

Goldman Sachs economist Jan Hatzius considers it one of the best predictors of overall U.S. economic growth.

But Citi's Peter D'Antonio disagrees.

"In the absence of data we caution against looking at the Philly survey, as it is notoriously erratic and poorly correlated with actual activity, in our view," wrote D'Antonio in a preview of the release.

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