Influential manufacturing survey shows record high prices
The New York state manufacturing index fell from its April level and missed economists' expectations but the prices component jumped to the highest level on record this month.
Why it matters: It's the latest in a long line of local business surveys that show prices rising to yearslong or record highs.
- The Empire State report also is seen as a leading indicator of national trends.
Watch this space: The record high price reading caused little-to-no reaction in the Treasury market, which may suggest that traders already have factored in significant inflation and are growing confident that even record-high readings will not move the Fed to change course and raise interest rates or reduce its bond-buying program.