There have certainly been days where the "prices paid" component of the ISM Manufacturing data has been responsible for sending bond yields higher. Today is not one of them, even though prices surged to the 2nd consecutive multi-year high.
This likely would not be the case if it was the only data in play, but thankfully for bonds, the rest of the 10am data was friendly. Even in the same report, the employment metric fell several points and is close to longer-term lows.
In addition, job openings and job quits both moved lower (both good for bonds).
