Last night was the night when markets might have had a light bulb moment and realised that the US economy really is doing well and that there may be a black swan or two hiding in plain sight. The data was solid overnight highlighting the fact that the economy is on the mend and that as we approach the end of the taper it won’t be long before the conversation turns to when rates will rise. Indeed the strength of th data was enough to hit US 10′s hard and drive them higher even though stocks didnt pay too much attention. Looking at the data the ISM August manufacturing PMI printed 59 against the 57 expected and the ... (full story)