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Final PMI Sees Slowing Growth

  • The S&P Global PMI was revised up 0.3pts to 52.7 in the final June release, falling from 57.0 in May.
  • The shows signs of slowing growth, with “output broadly flat as firms see fresh drop in new orders” and extending that theme “future output expectations drop to lowest since October 2020”.
  • Inflationary pressures do ease to three-month lows for both input costs and output charges, but remain historically elevated.
  • Relatively little impact on Tsys in the context of front end yields rallying 13bps and the belly 17bps on the day, with eyes instead on US ISM in 5mins.

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