Daily Rundown

June 17, 2026

Chart of the Day

Number of the Day

0 - The number of times that the FOMC has delivered a surprise rate move in the first FOMC meeting of a new Fed chair

Quote of the Day

"These emerging technologies in space and satellites -and absolutely the push for AI compute capacity- is driving the insatiable appetite for all forms of capital." - RBC CEO Dave McKay

Tuesday's Highlights

Housing starts (May) fell by 15.4 percent to an annual pace of 1.2 million, the lowest in six years.

Building permits (May) slipped by 0.7 percent to an annual pace of 1.4 million.

Import prices (May) rose by 1.9 percent on the month and 6.7 percent year-over-year.

Core import prices (May) rose by 0.8 percent on the month and 3.8 percent year-over-year.

Quick Commentary

Much has changed since the last FOMC meeting in April, when Jerome Powell was still the Fed chair and the headline inflation rate was nearly a full percentage point lower than it is today, but the result is likely to be the same thanks to lingering risks to both the upside and the downside along with a heavy dose of uncertainty in general. This still promises to be an eventful meeting, however, as Kevin Warsh's comments today will be his first of consequence since taking over the chair position last month. Warsh had been steadfastly dovish on rates in the run-up to his nomination, a tone that, if repeated this afternoon, would likely necessitate a rethinking of the market's expectation for the launch of a new tightening cycle by the end of the year.

Today's Highlights

FOMC meeting

Retail sales

Pending home sales

Business inventories

Mortgage applications

Daily Trivia

What company's logo, originally unveiled in 1971, was inspired by a 16th century Norse woodcut of a mythical sea creature?

(Tuesday's Question:  What territory saw its economy shrink by more than 50 percent in 2020, as the pandemic decimated travel and forced casinos to close? Answer: Macau)