U.S. manufacturing continued to expand in January, based on the latest ISM survey, though there are challenges. The ISM reports a machinery firm stating that it is facing “huge logistics challenges, especially in getting products through ports and in getting containers”. The problem is unlikely to clear soon with import order expectations at 56.8% (over 50% represents expansion) compared to the 54.6% rate of a month earlier and given U.S. seaborne imports increased by 9.6% year over year in the first two weeks of January. Export expectations dipped somewhat, marking a cont...