Industrial Production and Capacity Utilization
The first of today’s two economic reports was June's Industrial Production data at 9:15 AM ET that showed output at U.S. factories, mines and utilities jumped 5.4% last month. This was stronger than the 4.5% increase that was expected, but not enough of a variance to cause alarm in the bond market. It shows that some manufacturing activity was strong than thought, making the data bad news for rates. Fortunately, this is only a moderately important release that did not have an actual impact on today’s mortgage pricing.