Hello Mark,
It looks as if your boring bar is faulty, as others have said, do talk to Myford.
I don't like that type of boring bar, as I find it terribly difficult to adjust the tool accurately. I much prefer the type with a micrometer adjustment to set the tool protrusion. GHT gives a good design in his Workshop Manual. Another type is marketed by Hemingway Kits and doesn't take long to construct. In fact the kit makes up three boring bars of different diameters. If memory serves me correctly, the kit for three bars is about 50% more than the single bar from Myford.
I made up the Hemingway kit and was given a GHT boring bar as well! They are a joy to use, much easier than the Myford offering. Having said that, I am sure someone has found an easy way of adjusting tool protrusion on a simple between centres boring bar. It is just that I have not worked out how to do it!
Andrew.