WASHINGTON — U.S. factory orders fell 1.2% in June, more than double what economists expected, the Commerce Department said Tuesday. Economists expected factory orders to fall 0.5%, according to Thomson Reuters.
Factory orders in May were revised downward to a decline of 1.8% from the originally reported 1.4% drop.
“The recovery is slowing from an already weak pace,” said Diane Swonk, chief economist at Mesirow Financial. “The Fed can’t stop that from happening.”
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
