As markets wait for the decision of the Federal Open Market Committee (FOMC) regarding the future of short-term interest rates, Durable Goods orders popped due to defense spending and auto manufacturers clearing a production backlog, a result of the supply chain shortage for semiconductor chips.
Trades expect the Fed to raise rates 75 basis points, which won’t be enough to fight the coming hyperinflation.
Housing sales plummeted 20%, much more than expected as mortgage rates rise.
MBA Mortgage Applicaitons (Jul 22) printed at -1.8%.
Durable Goods Orders (Jun) printed at 1.9% vs -0.4% consensus estimate.
Durable Goods Orders ex Defense (Jun) printed at 0.4% vs 0% estimate.
Durable Goods ex Transportation (Jun) printed at 0.3% vs 0.2% estimate.
Goods Trade Balance (Jun) PREL printed at -$98.2B.
Non-Defense Capital Goods Orders ex Aircraft (Jun) printed at 0.5% vs 0.2% estimate.
Wholesale Inventories (Jun) PREL printed at 1.9% vs 2.0% estimate.
Pending Home Sales (MoM) (Jun) printed at -8.6% vs -1.5% estimate.
Pending Home Sales (YoY) (Jun) printed at -20% vs -7.3% estimate.
EIA Crude Oil Stocks Change (Jul 22) printed at -4.523M vs -1.037M estimate.