Today's Takeaways and Observations
Posted at 1:25 PM EDT on Friday, May 15, 2015
Second, recent correlation between higher bond prices and higher stock prices has decoupled briefly, with bonds soaring and stocks flat today. (We don't know if this is the start of a new trend).
Industrial Production Falls Again
Posted at 9:50 AM EDT on Friday, May 15, 2015
Industrial production in April fell 0.3%, worse than expectations of no change, but offsetting this was a three-tenths upward revision to the March figure so we'll consider it a push. The manufacturing component was flat month over month vs. the estimate of up 0.2%, but March was revised up by two-tenths. The mining component, which houses oil/gas drilling, continues to be an obvious drag as it fell for a fourth straight month.