Durable Goods Orders fell 1% in February, coming in much worse than expectations, while January’s report was also revised to the downside. Durable goods are products that are meant to last more than three years, such as cars, appliances and computers. These bigger, non-frequent purchases are typically financed, which has become more expensive now given the Fed’s hikes to the Fed Funds Rate. This data shows that the Fed’s rate hikes designed to lessen demand, and thereby lower inflation, are working.