Daily Rundown

April 15, 2026

Chart of the Day

Number of the Day

16.0 - The net percentage of small businesses reporting increased capital spending in March, down from 18.0 percent in the prior month and the lowest since 2009

Quote of the Day

"The U.S. economy remained resilient in the quarter, with consumers still earning and spending and businesses still healthy. Several tailwinds are supporting this resiliency, including increased fiscal stimulus, the benefits of deregulation, AI-driven capital investment, and the Fed's asset purchases. At the same time, there is an increasingly complex set of risks, such as geopolitical tensions and wars, energy price volatility, trade uncertainty, large global fiscal deficits, and elevated asset prices." - JPMorgan CEO Jamie Dimon

Tuesday's Highlights

The PPI (March) rose by 0.5 percent on the month and 4.0 percent year-over-year.

The core PPI (March) rose by 0.1 percent on the month and 3.8 percent year-over-year.

The small business optimism index (March) fell by 3.0 points to 95.8, equaling the lowest reading since October 2024.

Quick Commentary

Last year's fiscal stimulus is showing up in this year's tax refunds, helping to explain the economy's resilience thus far in the face of rising energy prices and elevated uncertainty. Booming capex is also playing a role, of course, but the downtrend in investment among small businesses suggests that the headline figures are being narrowly-driven and will be vulnerable to a sharp reversal once the spending among a handful of AI hyperscalers inevitably cools off.

Today's Highlights

Beige Book

Import prices

Home builder sentiment

Daily Trivia

Due to a 1949 law citing fire hazards, what is still illegal in New Jersey even as it is allowed in all of the other 49 states?

(Tuesday's Question: What war did the U.S. government finance with the telephone excise tax that was finally repealed in 2006, 108 years after it was instituted? Answer: The Spanish-American War)