US 'hard' macro data has continued to surprise to the upside in the last month (despite 'soft' regional Fed survey data fading), and consensus expected both ISM and PMI Manufacturing surveys for March to show another month of contraction. • S&P Global US Manufacturing PMI Final March 49.2, down from flash print at 49.3, but up from the 47.3 in Feb - that is the 5th straight month of contraction (sub-50) • ISM Manufacturing March dropped to 46.3, from 47.7, and below 47.5 expectations - that is the 5th straight monthly contraction to the lowest since May 2020 Twelve industries reported contraction in March, led by ... (full story)