Yet another stronger-than-expected economic report just hit the tape. The ISM Services Index came in at 52
in April. That compared to expectations for a reading of 49.1 and a March reading of 49.6. The new orders subindex
was essentially unchanged (50.1 vs. 50.2 in March), the employment subindex
improved slightly (to 50.8 from 46.9), and the prices paid index climbed (to 72.1 from 70.8). Bonds are trading slightly lower in price (both before and after the news).