As far as economic data goes, there's CPI, NFP, and then there's everything else.  In the "everything else" category, a small group of 3-6 report vie for relevance and impact on any given month.  The ISM PMIs are almost always in the running and are certainly one of the more consistent upper-2nd-tier releases in terms of bond market impact.  This morning's manufacturing PMI is no exception.  With both the headline and the inflation components coming in weaker than expected, it's been an easy trade for bonds so far this morning with MBS adding about a quarter point and 10yr yields down 9bps at 4.41% in the 10 minutes after the data came out.