- ISM Manufacturing Employment (Jan)
- 48.1 vs -- f'cast, 44.9 prev
- ISM Manufacturing PMI (Jan)
- 52.6 vs 48.5 f'cast, 47.9 prev
- ISM Mfg Prices Paid (Jan)
- 59.0 vs 60.5 f'cast, 58.5 prev
Big uptick in employment index and big beat in the headline... ISM Manufacturing doesn't tend to hit as hard as ISM Services, but for this much of a beat, the bond market will make an exception.
MBS are quickly down nearly a quarter point and 10yr yields are up 4.6bps at 3.834.
Lenders who were already out with rates are at risk of negative reprices.
