PMI Expansion Raises Red Flags: Tariff Front-Running May Mask Weak Crypto Bull Market Foundation

TLDR: ISM Manufacturing PMI shows expansion with 2:1 positive new orders ratio, strongest in nearly four years. 66% of manufacturers prioritize headcount management over growth, signaling defensive rather than confident behavior. Tariff front-running may create borrowed demand illusion, requiring next two PMI prints for trend confirmation. Post-QT normalization phase presents unprecedented conditions for crypto markets [...]

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