Markit PMI for July posted 61, following a five-year high in June, and is expected to edge down to 60.8 for July. ISM Non-Manufacturing Composite showed solid growth in June, 56 vs. 56.3 prior, and New Orders, at 61.2, posted their strongest growth in 3-1/2 years. The ISM Non-Manufacturing Composite for July is expected to edge up to 56.5. Factory orders fell -0.5% in May and are expected to reverse losses and jump +0.6% in today’s June release. We continue to see geopolitical risk in the Ukraine and Gaza, and watch for a further flight to quality. The curve is flat to yesterday’s 2:00 PM PDT close and the curve has slightly bear steepened with 2s10s up 1 bps.
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