Source: Bloomberg

US March durable goods orders came in at +.07%, with a slight upward revision for February. Capital goods orders excluding defense and transportation were up 0.2% on the month (vs. a consensus forecast of 0.5%). The most relevant comparison is year on year. The 2015-2016 slump in CapEx was due to the falling oil price, and some improvement is to be expected.

This is far from a boom, however. Businesses will wait to see the whites of the eyes of the Trump tax program as it proceeds through Congress before putting bricks on top of mortar.