Durable goods and core capital goods orders. Business investment in real time; the capex cycle in one line.
What to watch: Non-defence capital goods ex-aircraft. It arrives monthly, and the effect typically lasts days.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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