ISM Index (Institute for Supply Management)
This week’s activities started late this morning with the release of the Institute for Supply Management’s (ISM) manufacturing index for September. It came in unexpectedly high at 49.0, indicating business conditions were better than thought last month. Analysts had predicted it would be 47.8, up slightly from August’s 47.6. Since this is a sign of strength in the manufacturing sector, we need to consider the data bad news for bonds and a contributing factor to this morning’s increase in rates.