Durable Goods Orders
Next up was April's Durable Goods Orders report that showed a 17.2% decline in new orders at U.S. factories for big-ticket items such as airplanes, appliances and electronics. That number fell into the lower range of forecasts, but this data is known to be extremely volatile month-to-month. Therefore, a moderately sized variance in this data does not carry the same importance as it would in others. The data shows that the manufacturing sector was hit hard in the midst of the pandemic and shutdown, which does not come as a surprise. While the large decline is favorable news for bonds, it has not had much of an impact on today’s trading or mortgage rates.