More evidence today that inflation is creeping higher

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.