There had been talk of that coming in under 50. It came in at 53.8. It's a negative for the bond market, but actually doesn't look so bad for the economy.

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This is a very bond-friendly report. It was below expectations. It points to a slower manufacturing sector in the Chicago area.

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It's still too early for an impact on New York City. If the strike is two days, it's really no big deal. If it goes on for two weeks, then it becomes a big deal.

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We've seen about a five basis point shift, which is not a lot for tobacco bonds -- they can be very volatile. But yes, it has caused people to take a little step back.

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