Daily Market Commentary

March 15, 2019

Treasuries climb in early U.S. trading as stock futures pare gains, with 10-year note futures topping Thursday's high on heavy volume; earlier, Empire manufacturing index dropped to lowest level in almost two years.

The first Federal Reserve regional manufacturing gauge for March came in at the lowest level in almost two years, adding to signs of economic weakness in the first quarter. The Empire State Index, based on a survey of factories in New York state, fell to 3.7 this month from 8.8.

The growing mystery of where China's rapid slowdown is headed may become the biggest risk on the horizon, even as Brexit and a solution to U.S.-China trade tensions are kicked into the long grass.

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