Factory Orders
May's Factory Orders data was posted late this morning, starting this week’s calendar of events. The Commerce Department announced a 1.6% rise in new orders at U.S. factories that exceeded expectations of a 0.5% increase. The larger increase is a sign that manufacturing sector activity was stronger than thought last month, making the data bad news for rates. Fortunately, this report isn’t considered to be highly important, allowing the recent positive momentum in bonds to continue.