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%.