But, but, but.... ISM Manufacturing jumped?! US Factory orders tumbled in October - dropping 2.1% MoM (worse than expected), the biggest drop since July 2017.

Worse still, September's data was downward revised downward to just +0.2%.

Furthermore the final durable goods orders data dropped 4.3% MoM (much worse than the 2.4% drop expected)..

All of which is sending warnings about the US economy.

“Capex is the No. 1 story,” said David Woo, head of global rates and foreign exchange strategy at Bank of America Corp. “There are hundreds of data points coming out every month but that’s the one that I watch,” and bond traders should too.

Is this the same US economy that has "never been better"? That The Fed was so exuberant about just a month ago?