ISM Manufacturing PMI hit a 9-month low this morning. The problem with the manufacturing numbers is that the contraction is so “broad-based,” argues Thomas Derry. “A positive way to look at it is, maybe it’s a trough.” Customer inventories are low, usually a positive sign for future growth, he notes, and any rate cuts by the Fed would boost activity. Thomas also discusses tariffs, saying we should see higher prices flow through to the consumer “any day” now.