This week’s data will be eclipsed by Wednesday’sFOMC rate decision and QE pace announcement, and we watch for increasing volatility in the markets as we approach their decision. New York’s manufacturing sector is showing strength this month, up nearly +12 points to 27.54. New orders are up, albeit slightly, to 16.86 vs. 14.14 prior while employment growth slowed sharply to 3.26 vs. 13.64 prior. Industrial Production strengthened in July, increasing a robust +0.4%. The manufacturing component surged +1.0% in July, following a +0.3% advance in June. Expectations for August Industrial Production are for a healthy +0.3% increase. Treasuries are opening up this morning little changed from Friday’s 2:00 PM (PDT)close, ahead of Wednesday’sFOMC data. The curve has bull flattened with 2s10s down -1 bps.
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