US Flash S&P Composite PMI Holds Steady at 51.7

The US flash S&P Composite PMI was confirmed at 51.7, indicating modest expansion in private-sector activity for the month. The reading, slightly above initial estimates, supports expectations that the US economy continues to grow at a marginal pace despite elevated interest rates, reinforcing the Federal Reserve's cautious stance on near-term rate cuts. This level of activity exerts limited downward pressure on Treasury yields, as inflation risks remain balanced against cooling growth momentum. Equity markets may find modest support in the data, particularly rate-sensitive sectors, though the overall impact is muted given the lack of surprise. Traders will watch the upcoming PCE inflation report for clearer signals on the Fed’s policy path.

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