It appears to us that US Treasuries remain open to testing higher yields. Monday's Institute of Supply Management (ISM) data were mixed enough and, in fact, net negative on the economy. However, it provided just enough to support higher yields, so yields increased. The rise in yields is right along the curve, but not dramatic -- just a nudge. It's not the path that Treasuries should traditionally be on, at least not under a narrative of a slowing economy. However, the bulls would need more credible evidence of a macroeconomic slowdown to offset the dominant positivity emanating from corporate earnings for the latest ... (full story)