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The Empire State Manufacturing Index was reported today at a -31.80, WAY off last month’s +10.80 reading.  So the production of goods in and around the Big Apple has fallen off a cliff for no apparent reason.  The news is helping the pricing of mortgage loans stay above the floor of support that’s been tested a half dozen times over the last two months.  And that’s keeping interest rates from rising.  Should that support fail, bond pricing will plummet (like falling off a cliff) and rates will easily jump 0.25%.

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