Following the stagflationary signals from this week's Manufacturing survey data, ISM and Markit were expected to show further gains in the Services sector even as the 'hard' data continues to serially disappoint, and both surveys significantly beat expectations, rising to new record highs... {chart} The data was, for once, in somewhat of an agreement - though Markit respondents are notably more excited than ISM's... • Markit US Manufacturing up in May to 62.1 - a record high • Markit US Services up in May to 70.4 - a record high • ISM US Manufacturing up in May to 61.2 - well below the March highs • ISM US Services ... (full story)