Sentimental Steepener

Shorter-maturity Treasurys staged a pretty meaningful rally into the weekend following a lackluster read on US manufacturing activity and a non-trivial downward revision to the University of Michigan headline. Between them, the ISM miss and sentiment revision suggested a loss of momentum for the otherwise unyielding economy. To be completely honest, I planned on skipping the final read on Michigan sentiment. Typically, the revision's a non-event. Not so much this time around. The figure below