Summary: ISM manufacturing PMI steady in September, below expectations; ISM: demand weak, output declines, inputs accommodative; US Treasury yields fall; expectations of Fed rate cuts soften, seven cuts still priced in; ISM: reading corresponds to 1.3% US GDP growth annualised. The Institute of Supply Management (ISM) manufacturing Purchasing Managers Index (PMI) reached a cyclical peak in September 2017. It then started a downtrend which ended in March 2020 with a...