- The PMI fell to 51.5 in March from 52.9 in February, and vs. expectations for 52.5. New Orders fell to 51.8 from 52.5 in February. Production 53.8 vs. 53.7. Employment 50.0 vs. 51.4. Supplier Deliveries 50.5 vs. 54.3 (means deliveries are faster which theoretically means slowing activity), Prices 39.0 vs. 35.0, Backlogs 49.5 vs. 51.5, Exports 47.5 vs. 48.5.
- It's the lowest print for the overall PMI since May 2013.
- A perusal of the comments section shows the collapse in energy prices and the resultant slowing demand from oil & gas exploration and drilling is taking effect. There's also the weather (Winter. Who knew?) and congestion at West Coast ports mentioned more than once.
- Full report
- The 10-year Treasury yield ticks down further, now off 5 basis points on the session to 1.86% (it was already somewhat lower after the weak ADP jobs numbers).
- Short-term rate futures aren't pricing in a full 25 basis point rate hike until October even as Fed heads insist September at the latest.
- ETFs: TBT, TLT, TMV, SHY, TBF, EDV, TMF, TTT, ZROZ, SBND, TLH, VGLT, DLBS, BIL, UBT, TLO, VGSH, PLW, GOVT, SHV, SCHO, TENZ, LBND, DTUS, SST, DLBL, TYBS, DTUL, TUZ, TAPR