Daily Rundown
- Chief Strategist, Bryan Jordan CFA
- 2 days ago
- 1 min read
July 21, 2026
Chart of the Day
Number of the Day
45
The decline in the index of leading economic indicators in June was the 45th since the current expansion began in 2020. Prior to this cycle, the LEI had never fallen more than 25 times in any expansion.
Quote of the Day
“The Fed needs to step up and tighten monetary policy.”
Former New York Fed President Bill Dudley
Monday’s Highlight
The index of leading economic indicators (June) fell 0.2 percent, led lower by consumer expectations.
Quick Commentary
Leading indicators are no longer falling at an accelerating rate, but their ongoing decline should be taken as a sign that the economy is not broadly robust and that a Fed pivot toward higher rates would entail some risk. Note that when the FOMC launched its last tightening cycle in 2022, the LEI was still up by 5.8 percent year-over-year.
Today’s Highlights
Philadelphia Fed non-manufacturing survey
ADP weekly employment
Daily Trivia
What was the ‘It’ in Ben Bernanke’s 2002 speech “Make Sure ‘It’ Doesn’t Happen Here”?
(Monday’s Question: 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? Answer: IBM (to work on the Apollo program))
