According to CoinMeta, and as reported by Bloomberg, data released by the Institute for Supply Management (ISM) shows that the U.S. manufacturing index rose to 55.6 in July, reaching a new high since May 2022. The expansion in manufacturing led to intense volatility in the U.S. Treasury market, with long-term Treasury yields soaring to nearly 20-year highs. Mark Cabana, head of U.S. interest rate strategy at CoinMeta, described the market volatility as a textbook example of an inflation credibility shock.