US industrial production eased a little in March, falling back to January’s level. According to the Federal Reserve’s March industrial production index, production slipped by 0.1%, reversing February’s +0.1% and missing the market’s expected figure of +0.3%. The same report includes US capacity utilisation figures which are generally accepted as an indicator of future investment expenditure and/or inflationary pressures. In the US, capacity utilisation had been trending up since mid-2016...