Daily Rundown
- Chief Strategist, Bryan Jordan CFA
- 2 days ago
- 2 min read
April 22, 2026
Chart of the Day
Number of the Day
15.5 - The percentage increase in gas station sales in March, the largest in the 34-year history of the data series
Quote of the Day
"While it's true that inflation is less problematic...hard working Americans are no doubt feeling it. I think that means a regime change in the conduct of policy. I think that means a different, new inflation framework." - Federal Reserve chair nominee Kevin Warsh
Tuesday's Highlights
Retail sales (March) rose by 1.7 percent overall and 0.7 percent in the core control group.
Pending existing home sales (March) moved higher by 1.5 percent and are now up by 1.8 percent year-over-year.
The Philadelphia Fed's non-manufacturing index (April) improved to -16.5 from a prior -23.9.
ADP's estimate of private payroll employment (3/6-4/3) rose by a four-week average of 54,750.
Quick Commentary
While consumers spent quite a bit more at gas stations last month, that didn't stop them from also spending aggressively at furniture stores, electronics stores, general merchandise stores, and online retailers. Clearly the healthy tax refund season, the recent reduction in tariffs, and the feedback loops stemming from aggressive AI-related capex are for now more than offsetting the short-term pressure on real wage growth. Most importantly, there are hints that the labor market is stirring, as well, a development that, if sustained, would tilt the both the near and intermediate-term risks more sustainably to the upside. To be sure, this should still be considered a tenuous rebound given the ongoing declines in hiring intentions and job openings, but it will bear close watching in the months ahead as a key marker for the direction of growth, inflation, and monetary policy under the new Fed regime.
Today's Highlight
Mortgage applications
Daily Trivia
What 2010 event was originally attributed to a "fat finger", with an equity market trader thought to have entered an order incorrectly?
(Friday's Question: What is the world's most popular cruise destination thanks to its location near major origination ports and its mix of city and beach attractions? Answer: Nassau, Bahamas)