We have a full calendar this week with data on Manufacturing, Housing, Inflation, and the FOMC Minutes. Empire State Manufacturing Index fell to 6.17 in October from September's 5-Year high of 27.54. Manufacturing in New York picked up in November, advancing to 10.16 (consensus 12). Much of November’s advance can be attributed to a jump in new orders which rose to 9.14 vs. -1.73 prior. Industrial Production slipped -0.2% in August, jumped +1.0% in September and October’s reading slowed to -0.1%. Capacity Utilization disappointed expectations of 79.3% posting 78.9% vs. 79.3% prior. Treasuries have fallen to session lows following the disappointing Industrial Production and Capacity Utilization numbers and the curve has bull flattened with 2s10s down -0.6 bps.
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