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Notable Beat For ISM Services With Increases In Activity And Orders

US DATA
  • ISM Services came in notably stronger than expected in July, rising from 55.3 to 56.7 (cons 53.5) and contradicting the slide seen in the US PMI to 47.3 which in turn had marked the weakest growth outside of lockdown months since the GFC.
  • The prices index decreased for the third consecutive month, falling 7.8pts to 72.3%, but “availability issues with overland trucking, a restricted labor pool, various material shortages and inflation continue to be impediments for the services sector”.
  • In further signs of bottlenecks hindering supply, “services businesses continue to struggle to replenish inventories, as the Inventories Index contracted for the second consecutive month”.
  • The release sparked an aggressive further sell-off in Tsys, with the front-end jumping 5bps on the snap election, continuing on to a 12bp increase to a peak 3.20% before trimming the surge to 3.16% currently, huge moves after yesterday’s overnight low of 2.815%. Similarly, Fed Funds futures currently price a 64bp hike at the Sept FOMC, pushing above a 50/50 chance of a 75bp hike for the first time since last week's FOMC.
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