US Data Response
Industrial Production (Jan.) & Empire State (Feb.)
Ignore the fact that industrial production was unchanged in January, well below the consensus forecast of a 0.7% m/m gain, the manufacturing sector is on a tear. Manufacturing output increased by 0.7% m/m in January, still a little below what we expected, but the undershoot is largely explained by the massive upward revisions to output in recent months.
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