Wow, where did that Mack truck come from? The December durable goods report showed a huge gain of 5.2%, versus expectations for a 1.6% rise. That was the biggest gain since July. Ex-transportation orders jumped 2.6%, vs. forecasts for a 0.1% rise. Non defense
capital goods orders ex-aircraft (a business spending proxy) jumped 4.4%, the largest rise since March. I still think the economic risk here is to the downside, but that was definitely a strong print. Long bond futures are down 20/32 in reaction, while the dollar and stock futures have popped a bit.