Curve-steepening trades quickly accelerated after the credit markets learned Tuesday that the National Association of Purchasing Managers index slumped to 43.7 in December from 47.7 a month earlier, for its fifth consecutive monthly drop. The NAPM had been expected to come in at 47.0 with its prices paid component at 54.0. It was the lowest reading for the NAPM since April 1991, at the end of the last recession. In its inflation measure, prices paid rose to 61.0 from 56.6, but the increase was mostly dismissed due to higher energy costs. The U.S. manufacturing sector suffered one of its weakest months in a decade during December, indicating that the economic landing is much harder than feared and raising at least the prospect of a coming recession, according to Norbert Ore, survey chair of the National Association of Purchasing Management's manufacturing committee. The report was littered with 10 year lows, including those for the overall index, production index, and the critical new orders index. The employment index hit an eight year low.