Soaring US services clouds the Fed rate cut story

Factory orders in the United States declined 1.3% in October from the previous month to reach $604.8 billion, the Census Bureau reported on Wednesday. Orders of the manufactured durable goods decreased 2.2% to $307.3 billion, while the orders of the nondurable goods were down by 0.4%, reaching $297.5 billion. Shipments rose 0.1% in October, while unfilled orders advanced 0.2% to reach $1,492.8 billion. Inventories slightly rose to $590.8 billion from September's $589.7 billion figure. US Durable Goods Orders (M/M) Oct F: -2.2% (est -2.2%; prev -2.2%) - Durables Ex Transportation (M/M): 0.1% (est 0.2%; prev 0.2%) - Cap Goods Orders Nondef Ex Air (M/M): 0.5% (prev 0.5%) - Cap Goods Ship Nondef EX Air (M/M): 0.8% (prev 0.7%)

TRUMP SAYS HE IS IMMEDIATELY TAKING STEPS TO BAN LARGE INSTITUTIONAL INVESTORS FROM BUYING MORE SINGLE-FAMILY HOMES TRUMP SAYS HE WILL ASK CONGRESS TO CODIFY THE BAN AND WILL DISCUSS IT ALONG WITH FURTHER HOUSING AND AFFORDABILITY PROPOSALS AT HIS DAVOS SPEECH IN TWO WEEKS For a very long time, buying and owning a home was considered the pinnacle of the American Dream. It was the reward for working hard, and doing the right thing, but now, because of the Record High Inflation caused by Joe Biden and the Democrats in Congress, that American Dream is increasingly out of reach for far too many people, especially younger Americans. It is for that reason, and much more, that I am immediately taking steps to ban large institutional investors from buying more single-family homes, and I will be calling on Congress to codify it. People live in homes, not corporations. I will discuss this topic, including further Housing and Affordability proposals, and more, at my speech in Davos in two weeks.