Today's Economic Data Docket - Durable Goods And Second Q1 GDP Revision

Today's durable goods and second GDP revision will be largely non-market moving with all the headlines coming out of Europe and the EURUSD as is now standard.

8:30 Durable goods orders for May...a small rebound?   After April's sharp drop in durable goods orders, Goldman expects a 1% increase in May.  Consensus is slightly more optimistic at +1.5%.  An increase in aircraft bookings should be worth at least 1/2 point on total orders; this looks consistent with consensus expectations for ex-transportation orders (+0.9%).

8:30 Second revision of first-quarter GDP growth....marginal upgrade expected.  The Bloomberg consensus expectation for first-quarter growth is an upgrade from 1.8% to 1.9%; GS expects 2.0%.  Goldman and the consensus expect no change in the GDP price index (+1.9% qoq ann) or the core PCE price index (+1.4%).

11:00 5th to last QE2 POMO completed as Fed buy $4-5 billion in bonds maturing 12/31/2013 - 05/31/2015. If no 3 year  OTRs are monetized, it indicates Dealers are set with expecting an OT2 twist announcement at Jackson Hole ver 2011 as tweeted by Bill Gross.