Industrial Production and Capacity Utilization
Tomorrow has two events scheduled that we will be watching, one of which is much more important than the other. June's Industrial Production data will be posted at 9:15 AM ET, giving us a measurement of manufacturing sector strength. This data tracks output at U.S. factories, mines and utilities. It is expected to show a 0.5% rise in production, indicating that the manufacturing sector strengthened last month. That would basically be bad news for bonds and mortgage rates. However, this report is considered to be only moderately important, so any reaction will be minimal.