The Institute of Supply Management (“ISM”)
Manufacturing report for the month of October came in better than expected.
While economists were expecting an increase to 55.0, the actual reading came in
at 56.4. This was the highest reading since April 2011; and the fifth straight
better than expected report. The last time we had at least five consecutive
stronger than expected ISM Manufacturing reports was in the first half of 2009.

Does this mean the FED will taper its
easy monetary policy in the near future? 
Probably not. The Employment component of the ISM report was
disappointingly weak.  The FED is most
concerned about employment right now. 
More likely than not, the FED will ignore the strength indicated by this
ISM report and keep its foot on the easy money gas pedal.