Blowout Durable Goods orders this morning, almost tripling the consensus estimate. The corporate business media talking heads were left stuttering to try and explain.
Defense orders and autos contributed the most to the better than expected results. In any event, the numbers were strong and cannot be ignored.
With markets at these high levels, traders did not bid up prices on the numbers. Equity futures are essentially flat as we write.
Tomorrow’s speech by Fed Chairman Jerome Powell at Jackson Hole, WY will be impactful.
Durable Goods Orders ex-Transportation (Jul) printed at 2.4% vs 2% consensus estimate.
Durable Goods Orders ex-Defense (Jul) printed at 9.9%.
Durable Goods Orders (Jul) printed at 11.2% vs 4.3% estimate.
Nondefense Capital Goods Orders ex-Aircraft (Jul) printed at 1.9% vs 1.9% estimate.
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