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ISM Services Hasn't Missed Expectations This Much Since 2008

US

Little wonder that markets have reacted so sharply to the shockingly weak ISM Services reading (Tsy yields down 10bp, USD down 0.7%): December's 49.6 vs 55.0 survey median is the biggest downside miss vs expectations for ISM Services (5.4 points) since BBG's survey started in Jan 2008 (that first month, it missed to the downside by 7.7 points).


Source: BBG, ISM, MNI

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