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Treasurys hold gains following strong ISM number

  • Perhaps the biggest impact of the weather on February's ISM manufacturing report is in Supplier Deliveries which jumped to 58.5 from 54.3. This gauge used to be a favorite of The Maestro's in trying to figure whether inflationary pressures were building, and a rise to near 60 would have raised a red flag at the Eccles Building.
  • "Bad weather hampering logistics across the country," and "Many raw material disruptions due to weather and back-ups at the ports" are two of the respondent comments.
  • Full report
  • Treasury prices continue higher with the 10-year yield off three basis points to 2.62%, but events in Eastern Europe are probably of more import today.
  • TLT +0.6%, TBT -1.2%
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