US Industrial Production is down 0.25% YoY in February - its first YoY drop since Feb 2021... {chart} Additionally, Manufacturing output rose 0.1% MoM (better than the 0.3% drop expected, but offset by the upward revision from 1.0% to 1.3% MoM in January). That left Manufacturing output down 1.0% YoY...{chart} Overall Capacity Utilization remains subdued... {chart} It look slike the 'long and variable lags' of monetary policy are starting to hit. (full story)