Daily Rundown

April 9, 2026

Chart of the Day

Number of the Day

40-50 - Percentage share of the $2 billion additional fuel cost this quarter that Delta expects to recapture due to strong demand

Quote of the Day

"In particular, most participants raised the concern that a protracted conflict in the Middle East could lead to a further softening in labor market conditions, which could warrant additional rate cuts, as substantially higher oil prices could reduce households' purchasing power, tighten financial conditions, and reduce growth abroad." - From the minutes of the March 17-18 FOMC meeting

Wednesday's Highlights

FOMC minutes (March 17-18) showed broad support for an eventual resumption of the easing cycle, but also little appetite for any near-term changes to policy.

Mortgage purchase applications (week of 3/28) rose by 1.1 percent. Mortgage rates were modestly lower on the week.

Delta revenue passenger miles (Q1) moved higher by 1.4 percent year-over-year. 

Quick Commentary

A sustained ceasefire in the Middle East would diminish a major near-term uncertainty, but, as a consequence, would also reduce the probability of a near-term rate cut. The combination of economic momentum, lingering inflation, and a diminished exogenous shock should keep the Fed sidelined for at least the next several months.

Today's Highlights

Unemployment claims

Personal income

Personal spending

PCE price indices

GDP

Daily Trivia

What company began after a dentist's x-ray of a golf ball showed that the rubber core was off-center?

(Wednesday's Question: What U.S. city was the birthplace of both the fourth richest person in the world and the fourth most valuable company by market cap? Answer: Albuquerque (Jeff Bezos and Microsoft))