Summary

• The Manufacturing PMI for April holds at March levels.
• In addition, the 10yr minus 3-month Treasury spread has widened to 0.72%, for which there is long-term interpretation of debt capital shifting into equity capital.
• It certainly appears that the moves in the PMI and the 10yr minus 3-month Treasury are correlated. Both are market psychology indicators, as is the S&P 500.

The Manufacturing PMI for April holds at March levels. In addition, the 10yr minus 3-month Treasury spread has widened to 0.72%, for which there is long-term interpretation of debt capital shifting into equity capital. The shift into positive territory for the 10yr minus 3-month

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