Rates moved higher Wednesday following the release of stronger than expected economic data. The Empire State regional manufacturing index jumped to 12.5, well above the consensus forecast of 4.0, to the highest level since May 2012. The December Producer Price Index (PPI) rose 0.4% and was a tame 1.2% higher than one year ago. Core PPI, which excludes volatile food and energy components, increased 0.3%, exceeding expectations. Stocks moved higher. The Fed’s Beige Book, a survey of economic activity by the 12 regional Federal Reserve banks, will be released at 2:00 PM.