US March durable goods orders +3.2% vs +0.7% expected

• Prior was -1.0% (revised to -1.2%)
• Non-defense capital goods orders ex-air -0.4% vs -0.1% expected
• Prior non-defense capital goods orders ex-air -0.1% (revised to -0.7%)
• Ex transport +0.3% vs -0.2% expected
• Ex defense +3.5% vs -0.8% prior

The headline here is misleading as the core orders number is soft along with a negative revision. The downwardly-revised prior is the lowest reading since Feb 2021.