US Industrial Production Surprises to the Upside in February

February Industrial Production Data

• 📈 Industrial production for February showed a significant upside surprise, coming in at up 0.210%, which is triple initial estimates.
• 💡 This marks the best positive number for industrial production since December of the previous year.
• ⚠️ There was a slight negative revision for the prior year's data, from up 0.5% to 0.3%.

Capacity Utilization

• 📊 Capacity utilization also exceeded expectations, reporting 78.2%, the highest rate since mid-2024.
• 📌 January's capacity utilization saw a minor revision from 77.8% to 77.7%.

Market and Economic Indicators

• 📉 Interest rates on the 2-year Treasury remained unchanged, while the 10-year Treasury saw a one-point increase.
• 💰 The market is anticipating the auction of $13 billion in reopened 20-year bonds at 1 PM Eastern Time.
• ⏰ Equity markets are set to open in approximately 13 minutes.