And to cap a day of serially ugly US macro data, factory orders unexpectedly plunged (-0.5% MoM) in May (against expectations of a 0.2% rise and worse still April was revised lower)...

Source: Bloomberg

The YoY rise in factory orders is just 0.9%... and remember that is nominal... So in reality factory orders are tumbling on a YoY real basis.

After three strong months, Core Factory Orders also dropped (tumbling 0.7% MoM)...

Source: Bloomberg

Is this bad enough to be good news for Fed doves?