‘Nominal ISM’ only higher in Apr 2004. Two months later, 10Y CMT was +140 bps y/y.

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'Nominal ISM' only higher in Apr 2004. Two months later, 10Y CMT was +140 bps y/y. h/t J. Brett Freeze, CFA

'Nominal ISM' only higher in Apr 2004. Two months later, 10Y CMT was +140 bps y/y.

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