The big jump in the Richmond Fed business activity survey was led by New Orders at +16 vs. -15 previously. Shipments +17 vs. 11. Backlogs -6 vs. -1. Number of Employees +6 vs. 0.
Expectations also showed strong gains, rising across all measured categories.
Treasury prices give up some of their gains, TLT +0.2% and the 10-year yield off 1 basis point at 2.77%. See also: Consumer confidence surpasses expectations.
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