FAST FIVE: US Factory Orders Tumble Most In 15 Months
US Factory orders tumbled in October – dropping 2.1% MoM (worse than expected), the biggest drop since July 2017.
Furthermore the final durable goods orders data dropped 4.3% MoM (much worse than the 2.4% drop expected).
“There are hundreds of data points coming out every month but that's the one that I watch,” and bond traders should too.
That The Fed was so exuberant about just a month ago.