US Durable Goods Orders (Aug MM) 0% vs. Exp. -0.4% (Prev. 1.1%)

The distinction that has historically mattered is between the headline print and the nondefence capital goods ex-aircraft series, which is the series economists map into business equipment spending and which often tells a different story to the headline on the same morning. Revisions to the prior month also carry weight here, as durables is a release where the back-data moves enough to change the signal of the current print. The established sequence is that the release alone rarely resets the rates path, but it feeds the next GDP tracking estimates, and in stretches where growth data are running consistently one way it adds incrementally to the prevailing narrative on the front end. Worth noting next are the core capex details and any revision to the prior month's strength, rather than the headline itself.