Durable Goods Orders
The first of this morning’s four economic reports was October's Durable Goods Orders at 8:30 AM ET. The Commerce Department announced a 3.0% increase in new orders for big-tickets products at U.S. manufacturers. These are items with a life expectancy of three or more years. Analysts were expecting to see only a 1.5% increase, indicating manufacturing sector strength. However, this data is known to be volatile from month to month and a secondary reading that excludes more volatile and pricey transportation-related products, such as new airplanes, matched forecasts of a 0.5% rise. Those two points have helped prevent a negative reaction in bonds this morning as this was the most important data of the day.