Following January's disappointing plunge (-3.6% MoM), expectations were for a 1.6% rebound in durable goods orders, but the print surprised to the upside, jumping 3.1% MoM. The 'ex' data also doubled expectations in the preliminary Feb release.

The volatility continues in durable goods orders...

(Click on image to enlarge)

But notably, YoY was flat at +9.1%...

(Click on image to enlarge)

And the big driver of February's rebound - simple, war!

Defense Aircraft and parts orders: +37.7% MoM...

(Click on image to enlarge)

And Defense Capital Goods new orders: +16.5% MoM )

(Click on image to enlarge)

War.. is peace?