The US Census Bureau’s September advance report highlights a slight downturn in the durable goods manufacturing sector.
New orders for manufactured durable goods declined by $2.2 billion, or 0.8%, to a total of $284.8 billion in September. This marks the third decrease in the past four months, following a similar 0.8% drop in August.
However, transportation is excluded, new orders actually rose by 0.4%. In contrast, excluding defense showed a 1.1% decrease. The primary driver behind September’s decline was a reduction in transportation equipment orders, which fell by $3.1 billion, or 3.1%, to $95.4 billion, continuing a trend seen in three of the last four months.
Data Source: US Census Bureau
Global markets traded cautiously as shifting Federal Reserve expectations and easing geopolitical risks continued to shape sentiment. President Trump warned he'll bomb Oman if it stands in Washington's way, as reports suggest Iran and Oman are moving toward a deal on Strait of Hormuz control.
Global markets started the week with the dollar under pressure as softer U.S. retail sales, inflation, and consumer sentiment reduced expectations for a September Federal Reserve rate hike.
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Cooling US Data Weakens Dollar Amid Energy Risks (17 – 21 August)Global markets entered the week with the US dollar under renewed pressure as softer inflation, retail sales, and employment data reduced expectations for another near-term Federal Reserve rate hike. The Dollar Index traded around 99.61, while markets assigned roughly a 65% probability that the Fed will keep rates unchanged at 3.50%–3.75% in September. Gold and silver extended their gains as the shift in Fed expectations supported precious metals, while the euro and pound benefited from the dollar’s declining yield advantage.
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