Market Sentiment Boosted by Surprising ISM Services Report
A recent surge in the ISM services index has sent shockwaves through the financial markets, causing a significant uptick in bond yields. The two-year yield, in particular, has seen a notable increase, reaching a high of approximately 3.71%, a level not seen since the last employment report. Meanwhile, the 10-year yield, which had been hovering around 3.80%, has finally broken through this threshold. This sudden shift in market sentiment is attributed to the stronger-than-anticipated ISM services report, which has caught investors off guard.
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