High Frequency Economics - December durable goods orders leaped 5.2%, well above the 1.6% consensus, propelled by a surge in aircraft orders. Ex-transport orders rose 2.6%, also well above the consensus, 0.1%. We expected the strong headline number because Boeing received orders for

277 aircraft in December, up from 177 in November,but the 4.4% jump in core capital goods orders (ex-defense and aircraft), which propelled the ex-transportation number, was a surprise.