Summary: ISM purchasing managers index (PMI) up; above consensus expectation; focus on higher “prices paid” component; other sub-indices also strong; signs of supply chain bottlenecks; US economy growing at solid pace. US purchasing managers' index (PMI) readings reached a cyclical peak in September 2017 before they started a downtrend which stabilised in late 2019 after a truce of sorts was made with the Chinese regarding trade. The ISM report...