US factory orders rose 0.9% in July, exceeding the expected 0.7% increase and marking the best monthly rise since April. ^[1] Global bond markets are facing deepening factors that increase borrowing costs and push yields higher, driven primarily by geopolitical tensions. ^[2] Core factory orders rose 0.6% in July, significantly better than the expected 0.4% rise, marking the 8th rise in Core Orders in the last nine months. ^[3] The 0.9% monthly rise in factory orders lifted year-over-year growth to 9.9%, which is the second-best annual gain since October 2022. ^[4] Federal Reserve Chairman Kevin Warsh emphasized the Fed's commitment to fighting inflation at the Jackson Hole meeting but failed to provide clear forward guidance, increasing market uncertainty. ^[5] Geopolitical tensions, specifically an Iran-focused war, caused a sharp increase in energy prices, which in turn pushed global inflationary pressures higher. ^[6] The US national debt has exceeded $40 trillion for the first time, bringing the debt-to-GDP ratio to levels not seen since World War II. ^[7] Orders and shipments for non-defense, ex-aircraft capital goods fell notably from their preliminary levels, recording 0.0% month-over-month versus an expected 0.3% increase. ^[8]