Today's Economic Data Docket - Durable Goods, House Price Index, 5 Year Bond Auction
Durable goods orders for July and FHFA house prices. Also another $35 billion in 5 Year bonds to be auctioned off.
8:30: Durable goods orders (July): Strong headline, softer core. Goldman forecasts that durable goods orders increased by 1.0% month-over-month in July, following a 2.1% decline June. A jump in aircraft bookings during the month may have lifted the headline. In contrast, GS expects “core” orders/shipments (nondefense capital goods ex-aircraft) to weaken, due partly to the “first month of the quarter” bias. Estimates suggest that this bias on average subtracts about one percentage point from month-over-month growth in core orders and shipments during July. The decline in manufacturing surveys (such as the ISM) over the summer also points to a potential cooling in capital spending growth.
Total: GS: +1.0%; Consensus: +2.0%; Last: -2.1%.
Ex-transport: Consensus: -0.5%; Last: +0.1%. MAP: 4
09:45: Fannie Mae will auction benchmark bills
10:00: FHFA House Price Index (June): Small gain? This index—which tracks the purchase price of homes with agency-conforming mortgages—increased modestly in both April and May. The consensus expects another small gain in June.
Consensus: +0.2%; Last +0.4%.
13:00 Treasury will auction a $35.0 billion 5-year note to raise $19.630 billion
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