Money versus Monetary Policy

Services ISM Smashes Estimates, Prints At 56.1 Highest Since 2022, As Prices Paid Tumble After the Manufacturing ISM print earlier this week came modestly stronger than expected (albeit with the Prices Paid component spiking and sending 10Y yields higher), some were expecting a similar improvement in today's Services ISM print. What they got instead, was a blowout number, and one suggesting that whatever weakness the US economy was in for much of the latter part of 2025, is now over. At 10:00am ET, the ISM Services print came out at 56.1,...

The White House is expected to ask Congress for an extra $50 billion in military spending to replenish stockpiles of weapons used in the Iran war and other recent Middle East conflicts, Reuters has reported. Sources told Reuters that Deputy Secretary of War Steve Feinberg has been leading the Pentagon effort to draft a supplemental […]