Data from the Institute for Supply Manufacturing (ISM) reveals weak figures for February. The report revealed that the Manufacturing PMI dropped to 47.8 from 49.1 in January, significantly missing the market expectation of 49.5.
Manufacturing Prices came in at 52.5 versus the previous 52.9, while the Employment Index declined to 45.9 from 47.1.
The New Orders Index retreated to 49.2 from 52.5.
For upcoming Fed meetings, markets have priced in a hold at the next March meeting, and the odds of a cut remain low for May. For the June meeting, those probabilities rise to 50%, according to the CME FedWatch Tool.
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