After February's surprising slowdown, US factory orders were expected to rebound in March and rebound they did.

US factory orders had fallen for 4 of the last 5 months ahead of today's March data but against expectations of a 1.6% rise, order spiked 1.9% MoM - the most since Aug 2018...

On a year-over-year basis, US Factory Orders hovered at 2.0% YoY - near the weakest since Nov 2016

Core factory orders also rose in March (up 0.8% MoM) - the best since April 2018 - as non-defense capital goods shot up 6.5% MoM with Transportanation durable goods orders up 7.0% MoM.

Is this the inventory build that spiked Q1 GDP? And, as Jay Powell might ask "is is transitory?"