Factory activity in Texas accelerated in August, with the Dallas Federal Reserve’s manufacturing index—adjusted to approximate the national ISM measure—rising to 53.6, its strongest reading since June 2022. Company outlooks improved to 26.8 and the six-month capital-expenditure outlook climbed to 23.3, underscoring a rebound in investment plans. The service side of the state’s economy also firmed. The Dallas Fed’s Texas Service-Sector Business Activity Index advanced to 6.8 from 2.0 in July, while the associated revenue gauge rose to 8.6, suggesting steady demand momentum. Elsewhere, the Richmond Fed’s composite manufacturing index improved to −7, beating economists’ projections of −11 and easing from −20 a month earlier. New orders (−6) and shipments (−5) contracted more slowly, though capital-spending intentions slipped to −23 and the prices-paid measure reached its highest level since February 2023, pointing to persistent cost pressure. The Philadelphia Fed’s non-manufacturing survey painted a softer picture, with its headline index falling to −17.5 from −10.3. Housing data were less encouraging. The Federal Housing Finance Agency said U.S. home prices rose 2.6% in June from a year earlier, the slowest pace since 2023, and declined 0.2% on the month. The S&P CoreLogic Case-Shiller 20-city index showed a 2.1% annual gain, reinforcing signs that higher mortgage rates and rising inventory are cooling price growth. U.S. Treasury yields extended their recent slide after the mixed data. The two-year note yield fell to 3.654%, the lowest level since May 1, as investors weighed improving regional factory readings against lingering housing-market and inflation concerns.