ISM Manufacturing PMI: Faster Contraction in October

Published on November 3, 2025

The Institute for Supply Management (ISM) manufacturing purchasing managers index (PMI) came in at 48.7 in October, indicating contraction in U.S. manufacturing for an eighth straight month.

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10-Year Treasury Yield Long-Term Perspective: October 2025

November 3, 2025
The 10-year Treasury yield has experienced dramatic fluctuations, ranging from a peak of 15.68% in October 1981, during the height of the Volcker era, to a historic low of 0.55% in August 2020, amidst the economic uncertainty of the pandemic. At the end of October 2025, the weekly average stood at 4.05%.

The Shift to Shorter-Dated US Debt Is Only Getting Started

November 3, 2025
Investors are bracing for Treasury Secretary Scott Bessent to lean more toward shorter maturities in the government’s funding mix to keep down long-term yields amid a mounting debt burden.