I did not think ISM Number was all that bad in the aggregate ,headline missed but Prices,Employment and new orders higher then last month.Zero hedge right out with Stagflation worries post release,I don’t think market thinking is there yet.What it is thinking about is rate cuts.Look below at the Bloomberg Rate cut probabilities from Thursday and today post ISM,Look at the jump in probability in July and September,these are aggressive cuts being priced by the market.12 fed speakers this week may go a long way to either confirm this pricing or cause some adjustments,Stay tuned.

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