New orders for Durable Goods in September decreased for the second consecutive month, down -$3.2 billion (-1.3%) to $241.6 billion (consensus +0.5%) vs. a -18.3% decline in August. Excluding transportation, New Orders decreased -0.2%, and excluding defense New Orders decreased -1.5%. The S&P/Case-Shiller Home Price Index contracted in July, down -0.5% for the third straight decline and the steepest monthly decline since November 2011. For August the S&P/Case-Shiller Home Price Index continued to contract for a fourth month, down -0.15% (consensus +0.20%). The Richmond Fed Manufacturing Index rose +2 points in September to 14, and for October consensus is for a 3 points decline. Treasuries are rallying off their worst levels of the session following the lower than expected Durable Goods Orders data, and the curve has bear flattened with 2s10s down -0.5 bps.
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