Industrial Production and Capacity Utilization
The first of this morning’s two economic releases was December's Industrial Production report at 9:15 AM ET. It showed a 0.3% rise in output at U.S. factories, mines and utilities, exceeding expectations of a 0.2% increase. The larger increase makes the data negative for bonds and mortgage rates, but it was only a minor variance in a moderately important report. Therefore, it has not had much of an impact on this morning’s bond trading or mortgage pricing.