The US manufacturing index rose to 55.6 in July, hitting a four-year high and triggering fluctuations in US Treasury bonds

According to Bloomberg, the Institute for Supply Management (ISM) released data showing that the US manufacturing index rose to 55.6 in July, reaching a new high since May 2022. The expansion of the manufacturing industry has led to severe fluctuations in the US Treasury market, with long-term US Treasury yields soaring to nearly 20-year highs. Mark Cabana, head of US interest rate strategy at Bank of America, said that bond market volatility is a textbook inflation credit shock.