Daily Rundown

July 20, 2026

Chart of the Day

Number of the Day

532,000

The annualized pace of multifamily housing starts in June, up 76.2 percent on the month and the highest level since March 2023

Quote of the Day

“In a scenario where actual inflation does not start to cool down soon, I believe that it could be appropriate to reconsider our current policy stance.”

Federal Reserve Vice Chair Philip Jefferson

Friday’s Highlights

Housing starts (June) jumped by 19.0 percent thanks to a surge in the multifamily component.

Industrial production (June) inched up by 0.1 percent, as factory output was unchanged.

Consumer sentiment (July) rose by 4.9 points to 54.4, as one-year inflation expectations fell.

Import prices (June) moved higher by 0.3 percent on the month and 7.1 percent year-over-year.

Core import prices (June) moved higher by 0.5 percent on the month and 4.4 percent year-over-year.

Quick Commentary

The import price report is shaping up to be an outlier amid a largely tame set of inflation numbers for June, an overarching trend that should continue with next week’s PCE data. Price pressures still look to be cooling in fits and starts, at least enough to keep the Fed sidelined for the near-term future. The wild card, of course, is the nascent resurgence in oil prices, which, as recent months have shown, could have some passing impact on core inflation, as well. A rate hike is still likely not close at hand, but it is a safe bet that the tone of Fed commentary will remain hawkish for the time being.

Today’s Highlight

Leading indicators

Daily Trivia

What New York-based company moved approximately 2,000-3,000 employees to Houston, TX, Huntsville, AL, and Cape Kennedy, FL in the early-to-mid 1960s?

(Friday’s Question: What 1970 hit single, which also charted in 1995 and 2002, was inspired by a stay at the Royal Hawaiian Hotel? Answer: “Big Yellow Taxi”)