Daily Rundown

February 18, 2026

Chart of the Day

Number of the Day

3.4 - The average allocation to cash among respondents to the Bank of America global fund manager survey in February, up from the record-low of 3.2 percent in the prior month but still the third-lowest reading in the history of the series

Quote of the Day

"Our single-family builder customers have addressed ongoing affordability challenges by offering smaller and simpler homes, as well as incentives such as interest rate buydowns. That creates an environment where there are less sales dollars per start, and every start is more competitive on the affordability front." - Builders FirstSource CEO Peter Jackson

Tuesday's Highlights

The home builder sentiment index (February) fell to 36.0 from a prior 37.0. The sales expectations and buyer traffic metrics both moved lower.

The Bank of America global fund manager investor sentiment index (February) ticked up by 0.1 point to 8.2, the highest since June 2021.

The Empire State manufacturing index (February) slipped to 7.1 from a prior 7.7.

Quick Commentary

Institutional investors remain very bullish in aggregate, which on its own suggests an elevated risk of a pickup in volatility in the months ahead. Much of that bullishness owes to optimism on the economy -the B of A survey also showed that a record number of respondents expect a "no landing" global economic scenario- but, as the halting recovery in the housing market shows, there are still underlying risks on that front even as the capex boom is lifting the headline growth rate.

Today's Highlights

FOMC minutes

Industrial production

Housing starts

Durable goods orders

Mortgage applications

Daily Trivia

What market did Visa enter with a $150,000 purchase in 2021, with the company noting that this industry would "play an important role in the future of retail, social media, entertainment, and commerce"?

(Tuesday's Question: What country passed Australia in the late 1980s to become the world's tenth largest economy, marking a return to the top ten after an absence of nearly a century? Answer: China)