Business Spending a Bright Spot on a Rainy Day in Chicago!
Durable Goods Report: It appears that business spending remains unaffected by the U.S. housing slump, as durable goods orders for July rose by a sharply higher 5.9% versus pre-report estimates of only a 1.0% gain. Excluding transportation equipment, durable goods orders rose by 3.7%, the highest in nearly two years. September Treasury Bond futures fell as low as 110-15 after the figures were released, but have recovered earlier losses and are now trading near unchanged levels. New Home Sales for July are set to be released at 9:00 AM Chicago time (consensus 825,000).
Mike Zarembski, Senior Commodity Analyst
