ISM Index (Institute for Supply Management)
November’s manufacturing index from the Institute for Supply Management (ISM) was posted at 10:00 AM ET this morning. It revealed a reading of 46.7, matching October’s number. Analysts were expecting to see an increase that would have meant surveyed manufacturing executives felt business had improved during the month. While a flat reading is more or less neutral for bonds theoretically, the fact we didn’t see an increase is allowing traders to treat the news as favorable for bonds and mortgage rates.