No index here with the headline clout of yesterday’s CPI (Consumer Price Index) but the message from three indexes today reinforces the story in yesterday’s CPI data: inflation pressures are increasing.
The Empire State Manufacturing prices-paid index published by the Federal Reserve Bank of New York climbed 12.4 points to 48.6 in February. That’s the highest level since 2012.
A similar regional index prepared by the Federal Reserve Bank of Philadelphia showed prices paid in that region gaining in February to reach the highest level since May 2011.
A third report today from the Labor Department showed that U.S. wholesale prices rose in January. The producer-price index increased 0.4% from December. That comes after the index stayed flat in December.
As of 11:30 a.m. New York time the yield on the 10-year Treasury was down 1 basis point from yesterday to 2.89%. The odds of an interest rate increase at the Federal Reserve’s March 21 meeting climbed to 83.1% on the CME FedWatch tool. That’s an increase from 78.9% odds of an increase yesterday.