After this week's 'soft' survey data signaled serious ugliness in the US manufacturing economy...
Source: Bloomberg
...this morning we get 'hard' data confirmation as US Factory Orders plunged 3.3% MoM in June (the biggest MoM drop since COVID lockdowns), dragging orders down 3.6% YoY (also the worst since COVID lockdowns)...
Source: Bloomberg
The final durable goods orders print was worse than the initial - down a shocking 6.7% MoM...
Source: Bloomberg
All of which is adding to the 'growth scare' narrative that has been quietly accelerating...
Source: Bloomberg
How long before The Fed is forced into dovish retreat (adjusting its two-cuts-by-year-end forecast to the market's four cuts!).
