Summary: ISM PMI down slightly in May, slightly below expectations; ISM: US manufacturing shrinks again, faster rate of contraction; US Treasury yields fall; expectations of Fed rate cuts harden; NAB: favourable in terms of inflation outlook; ISM: reading corresponds to 0.6% US GDP contraction 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...