Warming up along with the weather, the Philadelphia Fed Index jumps to a 7-month high of 16.6 from 9.0 previously. New Orders rose to 14.8 from 5.7, Shipments to 22.7 from 5.7. Delivery Times dive to -14.3 from -2.7, meaning times got far shorter - typically a sign of economic weakness, but this time maybe just melting snow?
One weak sign from the report: The six-month outlook slumps to 26.6 from 35.4.
Treasury prices move to session lows, and the 10-year Treasury yield picks up two basis points to 2.65%. TLT -0.3%