Durable Goods Orders continue impressive strength holding near record highs even with drop in Aircraft as Motor Vehicles/Parts and mfg Machinery revised higher. Both Motor Vehicles/Parts and mfg Machinery posted record highs as tariff policies result in factory builds on US soil after a period strong reshoring activity post-COVID. Economic trends favor industrials and related issues. The Light Weight Vehicle cycle at 16Mil SAAR remains below prior growth periods in which 17.5-18Mil SAAR was routine at far lower population levels. I expect at some point that we are likely to see month reporting near 20Mil SAAR. Toyota, the #2 Brand in the US, remains in very tight supply at less than 30days of inventory to sales as many others still have 2024 year vehicles on their lots.
