1. The sentiment of the January FOMC minutes was less dovish.

2. Durable goods orders fell by 1.4% month over month in December, less severe than expected.

– The decline was driven by volatile aircraft orders. Stripping out transportation, orders rose by a solid 0.9%, well above consensus.

– Core capital goods orders, a proxy for business investment, also rose by a robust 0.6%.

– Here is a look at nominal and real capital goods orders (levels).

• Core capital goods shipments have been very strong.

– Shipments of computers and electronic products continued their solid expansion.

3. Industrial production rose by a strong 0.7% in January, well above forecasts. The increase was broad-based, driven by gains in both manufacturing and utilities output.

• Capacity utilization inched up.

4. Building permits showed surprising near-term strength but continued to contract year over year.

• Housing starts also surged month over month, with both single-family and multifamily construction showing strength. Despite the recent momentum, housing starts have essentially moved sideways over the past few years.

5. Mortgage applications fell for the fourth consecutive week even as the 30-year fixed mortgage rate ticked down.

• Refinancing activity edged up.

6. The New York Fed’s survey indicated a deepening contraction in the regional services sector.