American Manufacturing Sees Rebound

The American manufacturing sector is showing signs of recovery after 16 consecutive months of contraction. According to the latest Institute for Supply Management report, manufacturing activity expanded in March for the first time since September 2022. Additionally, an S&P Global survey revealed that factory output growth reached a 22-month high. In response to this positive news, there was a bond selloff early in the week, resulting in a 0.11 percentage point increase in the 10-year yield.