After this week's 'soft' survey data signaled serious ugliness in the US manufacturing economy...

...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)...

The final durable goods orders print was worse than the initial - down a shocking 6.7% MoM...

All of which is adding to the 'growth scare' narrative that has been quietly accelerating...

How long before The Fed is forced into dovish retreat (adjusting its two-cuts-by-year-end forecast to the market's four cuts!).

...'hard' data confirmation of the 'soft' survey data slump in US manufacturing.
{ai:summary}The factory floor is a ghost town, with US orders plummeting 3.3% in June, the steepest drop since the lockdowns. Durable goods took a harder hit, sinking 6.7%, pulling the economy into a growth scare that leaves the Fed sweating bullets. Doves might soon wing their way out of the hawkish nest. #economy

'Growth Scare' Narrative Builds As US Factory Orders Plunge Most Since COVID Lockdowns In June

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