Daily Rundown

March 23, 2026

Chart of the Day

Number of the Day

2.9 - The Dallas Fed's estimate of the reduction in annualized global GDP growth in the second quarter should Strait of Hormuz oil shipments remain halted through June

Quote of the Day

"The reality is, jet fuel prices have more than doubled in the last three weeks. If prices stayed at this level, it would mean an extra $11 billion in annual expense just for jet fuel. For perspective, in United's best year ever, we made less than $5 billion. That may sound scary, but, for now at least, demand remains the strongest we've ever seen. The ten biggest booked revenue weeks in our history have been the last ten weeks." - United CEO Scott Kirby

Quick Commentary

Where do consumers cut back when gas prices rise? Historically, health/personal care stores, grocery stores, sporting goods stores, and general merchandise stores have taken the biggest hits on balance when gas stations have accounted for a rising share of overall retail spending. On the other end of the spectrum, bars and restaurants have been surprisingly less affected, although this owes in largely part to the structural growth in the food services industry in recent years; bar and restaurant spending has risen from just 8.0 percent of total retail sales in the mid-1990s to a record 14.1 percent last year. This may all be a moot point given the signs this morning that the war may be winding down, but the data suggests strongly that the consumer resilience of late would be tested should energy prices resume their climb.

Today's Highlight

Construction spending

Daily Trivia

What word is derived from the French term for "enough", eventually coming to mean "property sufficient to pay debts" in medieval English?

(Friday's Question: What university was nicknamed "Chicago West" in the 1960s and 1970s due to the free-market orientation of its economics department? Answer: UCLA)