No Major Reaction to Data, But Data Remains Relevant

As with most "first weeks of the month," this one has potentially significant economic data every single morning.  With ISM Manufacturing kicking things off, today was no exception, but it didn't end up having a big impact.  Considering the near perfect alignment with expectations, that's not much of a surprise.  The flood of "new month" trading positions ended up being a much bigger market mover (well before the data).  Weakness in the stock market also helped drive some safe haven buying in Treasuries.