The latest Empire State Manufacturing Index released today showed that business conditions worsened last month in the US. The index fell to -4.6 from the prior month’s 1.9 reading. While this was a little better than the -6.4 forecast, the results still made for gloomy reading and add to the expectation that the Fed will keep rates on hold near-term. Looking at the breakdown of the data, the decline was driven by a fall in new orders along with a weaker 6-month outlook. On a brighter note, employment was seen moving back into positive territory. Meanwhile, the prices paid component remain elevated. US Data and Fed ... (full story)