MBS are down -4/32 (FNMA 30-yr 3.0 at 102.27), around 3/32 higher than yesterday at this time. Favorable repricing took place yesterday. Early investors may have priced at higher levels.This morning, January Industrial Production declined 0.1% from December, below the consensus for an increase of 0.2%. Empire State manufacturing jumped to 10.0, well above the consensus of 0.0, and the highest level since May 2012. Gold prices have declined below $1,620 per ounce to the lowest level in six months. The Dow is up 10 points. Consumer Sentiment will be released at 10:00 et.