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MNI INTERVIEW: High Fed Rates Keeping A Lid On Factories-ISM

ISM manufacturing chair has downgraded his growth view for 2024.

The prospect of higher for longer interest rates from the Federal Reserve is casting a pall over the manufacturing sector's growth outlook this year, ISM survey chair Timothy Fiore told MNI Monday.

U.S. manufacturing activity slowed for a second straight month in May as new goods orders dropped by the most in nearly two years, and Fiore said the weakness is directly linked to high official rates that are biting into capital expenditures.

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The prospect of higher for longer interest rates from the Federal Reserve is casting a pall over the manufacturing sector's growth outlook this year, ISM survey chair Timothy Fiore told MNI Monday.

U.S. manufacturing activity slowed for a second straight month in May as new goods orders dropped by the most in nearly two years, and Fiore said the weakness is directly linked to high official rates that are biting into capital expenditures.

Keep reading...Show less