ISM manufacturing has been fairly consistent at 57 in December and 57.3 in November. This month’s ISM expectation is 56 vs. 57 prior, keeping things in line with the past two months. Construction spending has made gains of roughly 1% in both November/December and is expected to come in flat for January. PMI is expected to come down to 53.9 vs. 55 prior. Treasuries are opening a little lower following Friday’s rally with the curve bear steepening and 2s10s up 2.5 bps.
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