Empire Manufacturing Weaker Than Expected, Again

The New York Fed just announced that, in December, its Empire Manufacturing Index fell to 4.9 from 6.3. Analysts expected no change. The Bureau of Labor Statistics also reported that its Import Price Index rose in November by a greater-than-expected 0.3% as the year-over-year pace remained unchanged at minus 1%. Export Prices rose by 0.6% against a forecasted boost of just 0.2%. Year-over-year, the Export Price Index moved to minus 1.1% from minus 1.6%.

Equity markets are trying to rally ahead of the FOMC meeting which starts today and concludes tomorrow. Treasury prices are slightly lower with the Ten-Year yielding 90 basis points and the Long Bond yielding 1.64%. Crude oil is up slightly at $47.28 while gold’s early-morning gain of $25 has pushed that price to $1,852. A little later this morning, reports for Industrial Production and Capacity Utilization are set for release.