Economics
U.S. Manufacturing Gauge Contracts for First Time in Three Years
- Stocks, Treasury yields sink after ISM index falls below 50
- Traders boost expectations for Fed easing following report
Photographer: Ty Wright/Bloomberg
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A key U.S. factory gauge unexpectedly contracted for the first time since 2016, sending stocks and bond yields lower and boosting expectations for interest-rate cuts as global manufacturing woes deepen.