The key takeaway from the report is that real spending was flat while the inflation rates were still too high for the Fed’s liking, making for an off-putting stagflation mix.
The key takeaway from the report is that nondefense capital goods orders, excluding aircraft — a proxy for business spending — were up just 0.2% while shipments, which factor into GDP computations, were down 0.1% month-over-month.
Treasury yields moved higher after the reports were released.
The 10-yr note yield, at 3.70% a short time ago, sits at 3.73% now.
The 2-yr note yield, at 4.27% a short time ago, sits at 4.31%.