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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake. Click here to learn more.

"... As can be seen in the Chart of the Day below, Forward Capex Plans as measured by a composite of the Fed Regional Surveys remains on its one-way street to lower-lows, suggesting the negative trend in investment spending is unlikely to ebb in the coming quarter(s)."

CHART OF THE DAY: Don't Break Out The Bubbly Just Yet - Capex Plans CoD2