Summary: US industrial output up 0.5% in April, above expectations; up 0.2% over past 12 months; manufacturing output up on vehicle production; Treasury yields rise, rate-cut expectations soften; capacity utilisation rate up 0.3ppts to 79.7%, just below long-term average. The Federal Reserve’s industrial production (IP) index measures real output from manufacturing, mining, electricity and gas company facilities located in the United States. These sectors are thought to be sensitive to...