The manufacturing recession continues on

Before I get to the ISM report which was soft, the 10 yr yield is back to where it was right before the 8:30 data at around that key 4.30% level. The 2 yr yield though at 4.13-.14% is below the 4.21% seen right before but above the 4.07-.08% it fell too immediately after the payroll report. The market is still priced for another rate cut next week while the long end has clearly gone its own way.

The US manufacturing recession continues on as measured by the October ISM index which fell to 46.5 from 47.2 and that was 1.1 pts below expectations. This index has had one 50+ print since October 2022.