Salient to Investors:
ISM fell to the lowest reading 49 since June 2009 and versus the median forecast of 51.
Guy LeBas at Janney Montgomery Scott said manufacturing is stymied by slow corporate spending and government spending and will grow at a modest pace this year and unlikely to accelerate in coming months.
Dennis Lockhart at FRB of Atlanta said the economy is not strong enough to justify a reduction in QE.
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