The Census Bureau just issued its preliminary report for Durable Goods Orders in March and the rise of 0.5% missed the estimates calling for a 2.3% gain. February’s decline of 1.2% was revised to a 0.9% dip. Without Transportation components, Orders roe 1.6% as expected and last month’s fall of 0.9% was revised to a decline of just 0.3%. Core Capital Goods Orders, for last month were also released and they experienced a rise of 0.9% that fell short of the 1.7% growth that analysts expected. A little later, the Dallas Fed is expected to announce that its Manufacturing Index rose to 30 this month from 28.9. The Treasury will be selling $60B Two-Year notes and $61B Five-Year notes this afternoon.
The Treasury market is starting the day with lower prices, but not as low as they were prior to this morning’s report from the Census Bureau. The Long Bond is yielding 2.25% with the Ten-Year bringing 1.58%. The Two-Year is steady at 16 basis points. Crude oil is off a little more than a dollar at $60.92 while gold has slipped slightly to $1,774. Equity futures are mixed.