Today's NY Empire index reading, although it does not normally cause too much volatility in the market, today surprised the market with a reading clearly above expectations. As estimated by consesnus, the index representing sentiment among manufacturing companies in New York State was expected to show a drop in sentiment to -18 points against an earlier reading of -24 points. However, today's reading came in at +10.8 points, which significantly weakened the US debt securities market, which had recently gained on signs of a weakening economy.
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