---
title: "Macro Briefing - Tuesday, Dec. 2"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/268302217.md"
description: "US manufacturing contracted for the ninth month in November, per ISM Manufacturing Index, while S&P US Manufacturing PMI showed moderate growth. Japan's 2-year bond yield hit its highest since 2008, hinting at a December rate hike. OECD upgraded its US growth forecast to 2%. Fed funds futures indicate a likely rate cut by the Federal Reserve next week. US 10-year yield rose to 4.09%."
datetime: "2025-12-02T18:15:46.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/268302217.md)
  - [en](https://longbridge.com/en/news/268302217.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/268302217.md)
---

# Macro Briefing - Tuesday, Dec. 2

**US manufacturing contracted for a ninth straight month in November, based on the ISM Manufacturing Index.** “The manufacturing sector continues to be weighed down by the unpredictable tariffs landscape,” said Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets.

  
**Contrasting with the weakness in the ISM Manufacturing Index (see above), the S&P US Manufacturing PMI reflects moderate growth in November.** Despite the stronger reading, Chris Williamson, chief business economist at S&P Global Market Intelligence, advises: ““Although the headline PMI signaled a further expansion of factory activity in November, the health of the US manufacturing sector gets more worrying the more you scratch under the surface. The main impetus came from a strong rise in factory production, but growth in new order inflows slowed sharply, hinting at a marked weakening of demand growth.”

J**apan’s 2-year bond yield rises to highest level since 2008 after comments from the Bank of Japan chief highlights a possible December rate hike.** The rise in Japanese yields reverberated across global fixed-income markets, triggering declines in bonds from the US to Germany. “Global bonds are feeling the butterfly effect following the Bank of Japan’s hawkish signal to prepare for a December rate hike,” said Matt Miskin, co-chief investment strategist at Manulife John Hancock Investments.

**The Organization for Economic Cooperation and Development upgraded its outlook for global and U.S. economic growth this year.** The group’s revised forecast for US growth this year is 2%, up from the 1.6% it had forecast in June.

**Fed funds futures continue to price in a high probability that the Federal Reserve will cut interest rates again at next week’s policy meeting.** Meantime, the US 10-year yield rose sharply on Monday, jumping to 4.09%.

_(Click on image to enlarge)_

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_More By This Author:_

Total Return Forecasts: Major Asset Classes - Tuesday, Dec. 2  
Macro Briefing - Monday, Dec. 1  
Major Asset Classes November 2025 Performance Review

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