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After this week's 'soft' survey data signaled serious ugliness in the US manufacturing economy…

Source: Bloomberg

…this morning we get 'hard' data confirmation as US Factory Orders plunged 3.3% MoM in June (the biggest MoM drop since COVID lockdowns), dragging orders down 3.6% YoY (also the worst since COVID lockdowns)…

Source: Bloomberg

The final durable goods orders print was worse than the initial – down a shocking 6.7% MoM…

Source: Bloomberg

All of which is adding to the 'growth scare' narrative that has been quietly accelerating…

Source: Bloomberg

How long before The Fed is forced into dovish retreat (adjusting its two-cuts-by-year-end forecast to the market's four cuts!).