US ISM services PMI plummeted to 48.8 from 53.8, lowest level since the COVID CRISIS.
US manufacturing contracted in the last 19 out of 20 months, longest streak since the Great Financial Crisis. In the past, both industries contracting occurred only in recessions.
...the Fed pivot is arriving this Sept, but it is likely to be too late too little, and it won't be long before deflation fears exceed inflation fears.
...the market stayed close when this data was released.
