US Treasury yields rip higher after "hot" ISM

From the Financial Times: "Gregory Daco, head of US macroeconomics at Oxford Economics was also particularly impressed with the ISM reading, which jumped from 56 in June to 60.3 last month, smashing expectations.

'Hot, hot, hot… Did we mention hot? The headline index for nonmanufacturing activity rose to its highest reading since August 2005, with business activity, employment and new orders all at multi-year highs. Backlogs climbed, signaling that activity will rise in the future. Non-manufacturing activity points to solid growth in H2.'"