January 17, 2018
Today's economic reports from the Federal Reserve are very subdued. Manufacturing in the industrial production report once again proved weak, managing only a 0.1 percent gain in December, while the Beige Book's description of general economic growth remains at only "modest-to-moderate". And the Beige Book's description of manufacturing, in sharp contrast to strength in a mountain of other data, is now downgraded a notch to "modest".
Other news in the session includes the Treasury International Capital report where foreign inflow into equities is extending an unusual run of strength. And of course the Dow is extending its unusual strength, up a very sharp 1.3 percent on the day to a new record at 26,115. Money continues to ease out of Treasuries where the 10-year yield rose 4 basis points to 2.58 percent. Oil, near $64, and gold, near $1,330, were little changed. The dollar index firmed 0.4 percent to 90.74.