This morning’s selloff in the bond market seems to have precipitated by a decent print on US Durable Goods Orders for August. While the full category was down 1.3% (consensus was -1.0%), the Durable Goods ex Transportation was up 2.0% (consensus +1.0%). Transportation orders tend to be very lumpy and unpredictable, so the market usually puts heavy emphasis on this latter reading. Additionally, the July numbers were revised higher.
Looking ahead to next week, we have:
Canada – Industrial Production Price Index (Wed), Real GDP for July (Thu),
US – S&P/Case-Shiller Home Price Index, Richmond Fed, Consumer Confidence (Tue), Chicago PMI, Weekly Jobs Report, Q2 GDP (3rd estimate) (Thu).