The sharp drop in July ISM PMI, is the "soft landing" of the United States gone?
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The ISM PMI in July plummeted, with the real estate and manufacturing sectors most affected by interest rate sensitivity. It is important to differentiate between slowdown and recession, and to assess the depth of the decline and the impact of the Fed rate cuts. Rate cuts can repair interest rate-sensitive demand, but there are currently no clear signs of credit tightening. Before the rate cut, attention should be paid to assets, and after the rate cut, it is necessary to take a step ahead. Source: Kevin Strategic Research
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