# ISM

The probability of a rate cut in March is low, and according to Fed officials, there could be three rate cuts this year, and the market has already expected such a pace of rate cuts. In addition, the ISM Non-Manufacturing Purchasing Managers' Index, an important measure of non-manufacturing economic activity, was released yesterday and has reached its highest level in four months, indicating that the non-manufacturing sector has maintained strong growth. Then the concern is that there has also been the biggest increase since 2012 on the procurement costs, which means that procurement costs are