US Feb industrial production -0.5% m/m vs -0.3% expected

• Prior industrial production was +0.9% m/m (revised to +0.8%)
• Capacity utilization 76.7% vs 76.9% exp
• Prior capacity utilization was 77.1%
• Manufacturing production +0.2% vs +0.1% exp
• Prior manufacturing production was +0.5%

It's a touch soft but unlikely to shift anyone's thinking ahead of the Fed. A big draw is mining output, which fell 1.4% in Feb, compounding a 0.7% decline in Jan.