US industrial output down 0.5% in June, below expectations; down 0.4% over past 12 months; NAB: nothing new, figures confirm well-known weakness in US manufacturing; Treasury yields rise at short end, fall elsewhere; rate-cut expectations soften; capacity utilisation rate down 0.5ppts to 78.9%, further 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....