The Chicago report suggests that the August ISM Index, due to be released next Tuesday, will confirm that the weakness in July manufacturing data was just a typical pause in an otherwise recovering manufacturing sector. Consistent strength in both the Chicago PMI and the national ISM reports in the past seven months suggest that the trend is definitively up, signaling that further Fed rate cuts are unwarranted and the next move in the Federal funds rate should be up. Excerpt. Rest of article.