U.S. Empire State manufacturing index climbed 6.3 points to 25.6 in July U.S. Empire State manufacturing index climbed 6.3 points to 25.6 in July after edging up to 19.3 in June. This is the highest level since 2010. However, the internals were mixed. The employment component rose to 17.1 from 10.8, though the workweek dipped to 2.3 from 9.7. New orders were little changed at 18.8 from 18.4. Prices paid jumped to 25.0 from 17.2, with prices received at 6.8 from 4.3. The 6-month business conditions index slipped to 28.5from 39.8. The 6-month employment component was 17.1 from 20.4, with capital expenditures at 9.1 from 11.8.
U.S. NY Fed "Empire State" Index Preview U.S. NY Fed "Empire State" Index Preview: The first producer sentiment report of July will be released with the Empire State Index expected to ease to 17.0 (median 17.5) after an increase to 19.3 in June. Producer sentiment has improved into the spring and summer following a dip around the beginning of the year and analysts expect this strength to continue through the month of July.
Fed funds opened at 0.08% Fed funds opened at 0.08%. The rate ranged from 0.05% to 0.31250% yesterday with a 0.09% effective rate. Interbank borrowing rates were flat to higher at today's Libor fixing. The overnight dollar Libor rate rebounded to 0.09420% from 0.09340%. The 1-week rate edged up to 0.12275% from 0.12250%. The 3-month rate rose to 0.23310% from 0.23260%. And the 12-month rate was unchanged at 0.55190%. The current 5-year note remains special in the repo market at -0.95%.
House Judiciary Committee to hold a hearing The Subcommittee on Courts, Intellectual Property and the Internet holds a hearing entitled, "Moral Rights, Termination Rights, Resale Royalty and Copyright Term" on July 15 at 1 pm. Webcast Link