Richmond Fed's November services index just dropped hard—hitting -15 compared to last month's -1.0. The deterioration's spreading: capex slipped into negative territory at -3 (was +1), revenues flipped from +4 to -4. Demand held steady at +4, while employment barely budged into positive at +1 from flat zero. These regional Fed metrics matter—they're early signals for broader economic shifts that eventually ripple through risk assets.