China’s state visit to the US concluded and Xi returned to Beijing on the afternoon of Sept. 25 local time. Trump posted on social media calling the leaders’ summit friendly, strong and successful and saying he looks forward to another meeting with Xi.

US Commerce Department data showed core capital goods orders excluding aircraft and defense—a proxy for business equipment investment—rose 1.6% MoM in August; July was revised to +0.6%. Total durable goods orders (3‑year+ use), including aircraft and defense, were roughly flat. Boeing’s August order intake declined month-on-month. Orders rose in primary metals, machinery and computers & electrical equipment, while transport equipment fell on weaker auto and commercial aircraft bookings. YTD capex remains firm, supported by AI-related spending; core business investment was a sizable contributor to GDP growth in 1H. The Atlanta Fed GDPNow model had projected business equipment investment would add roughly 1 percentage point to Q3 GDP. Together with healthy consumer spending, the data supports the case for another strong US growth quarter.

美联储哈玛克：良好的经济前景正在推高债券收益率。