Today's ISM Manufacturing report was the only top tier economic data this week. While we wouldn't say it was "strong" by any means, it wasn't weak either. More importantly, it was higher than the previous reading and the median forecast, both for the headline PMI and the "prices paid" component. That's a decent enough result to prevent bonds from getting any crazy ideas about rallying back toward the week's best levels. Trading levels went from modestly stronger to modestly weaker after the data.
