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ChartBrief #51 Global Flash PMI

The January round of flash manufacturing PMIs brought exactly what I was looking for - a continuation of the rebound that got underway in the second half of last year. All 3 of the major countries that release flash data saw improvement (US/Eurozone/Japan). It is this surprising synchronized recovery in the major developed economies that has driven the bond selloff and the latest round of data imply a move in the US 10 year yield towards 3%.

The "Global flash PMI" has extended its recovery into January.

The latest round of flash manufacturing PMI data point to US treasury yields rising towards 3%.

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