S&P Global U.S. Services PMI comes in at 56.5 vs. 56.2 estimated

Summary

Rick Santelli breaks down the August final S&P Global U.S. Services PMI, which came in at 56.5 versus an estimated 56.2, and the composite PMI held at 56. He notes the data remain strong, with the composite at its best level since March 2022. He also highlights a bull steepening in the Treasury complex, with all maturity yields lower after Fed Governor Waller's comments.

• August final S&P Global U.S. Services PMI printed 56.5 versus 56.2 estimated.
• The composite PMI remained at 56, the best since March 2022.
• Santelli characterized the services and composite readings as still very strong.
• He noted a bull steepening in Treasuries, with short-end yields falling faster than long-end yields.
• All Treasury yields were lower on the day following Fed Governor Waller's 8:30 remarks.
• Santelli said he is watching whether the ISM services report remains strong as well.