"Today's ISM manufacturing surprise was a step in the direction of confirmation, though a headline read in the mid-50s is still pretty good." He added, "Nevertheless, slowing U.S. manufacturing, weakness in leading components like orders and the backlog coupled with an even sharper global slowdown and falling inflation fundamentals certainly make a solid case for taking a break from rate hikes." Next Monday, the ISM is scheduled to release a separate report on activity in the service sector in the month of December.