Durable Goods Orders
April's Durable Goods Orders was also posted at 8:30 AM. The Commerce Department announced a 0.7% decline in new orders for big-ticket products last month. That headline number was stronger than the 1.8% decline that was expected. However, this data is known to be quite volatile, so the variance is not as meaningful as it would be with many other reports. Also, a secondary reading that excludes more costly and volatile airplane and other transportation-related orders showed a 0.4% decline when analysts were calling for a 0.4% increase. That allows us to consider the data neutral-to-slightly positive for bonds and mortgage rates.