Daily Rundown

April 14, 2026

Chart of the Day

Number of the Day

113.7 - The homebuyer affordability index in March, up from the record low of 89.9 in 2023 but still well below the record high (211.8 in 2013) and the long-term average (135.3)

Quote of the Day

"I will say the corporate world...is incredibly engaged right now because they don't operate in the short-term noise." - Goldman Sachs CEO David Solomon, when asked about investors potentially de-risking

Monday's Highlights

Existing home sales (March) fell by 3.6 percent to a nine-month low 4.0 million annualized. The median price was up by 1.4 percent year-over-year.

The homebuyer affordability index (March) slipped by 3.8 points to 113.7, the first decline in nine months.

Quick Commentary

The housing market is stagnating again thanks to the soft labor market, rising mortgage rates, and an elevated level of uncertainty in general. The slowly improving affordability backdrop will help, but it clearly hasn't been enough to this point to drive a sustainable pickup in activity. And because housing is such a linchpin for a significant portion of the economy (construction spending, construction employment, furniture sales, appliance sales, etc.), it is difficult to imagine a broader boom in the pace of expansion as long as the prevailing dormancy persists.

Today's Highlights

PPI

Small business optimism

JPMorgan earnings

Daily Trivia

What war did the U.S. government finance with the telephone excise tax that was finally repealed in 2006, 108 years after it was instituted?

(Monday's Question: Prior to 2010, what country's central bank set its benchmark interest rates at levels that were divisible by nine, a practice that dated back to the use of the abacus? Answer: China)