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US Final Service PMI Doesn't Alter Recent Tsy Bear Steepening

US DATA
  • A small miss in the final August S&P Global US PMIs has done little to change the emerging bear steepening in Treasuries, (2YY +9bps & 10YY +12.5bps from Fri close), with focus now on the ISM Services in a few minutes.
  • The S&P Global PMI service PMI was surprisingly revised down a little further in the final August print, such that it's now fallen from 47.3 to 43.7 (vs flash 44.1).
  • This sees business activity contract at the sharpest pace since May’20 amid a solid fall in new orders from both domestic and foreign clients.
  • Adding in last week’s better than expected manufacturing print, the S&P Global Press Release notes: “In contrast to that seen in July, service sector firms registered a decline in new business in August. As a result, private sector new orders fell at the quickest pace since May 2020, while new export orders also fell at a solid pace."

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