Daily Rundown

July 29, 2026

Chart of the Day

Number of the Day

15,000

ADP’s estimate for average private payroll job growth in the four weeks through July 11, the lowest since early March

Quote of the Day

“Growth across consumer spend bands saw incremental improvement from the prior quarter, with the highest spend band continuing to grow the fastest. We do not see signs of the lower spend consumer weakening in our volumes.”

Visa CFO Chris Suh

Tuesday’s Highlights

Consumer confidence (July) fell by 1.4 points to 90.8, as labor market sentiment weakened.

The Case-Shiller home price index (May) rose by 0.2 percent and is now up by 1.6 percent YoY.

The goods trade deficit (June) narrowed to $101.5 billion from a prior $105.9 billion.

Visa network spending volume (Q2) rose by 9.6 percent year-over-year.

Ford vehicle sales (Q2) fell by 12.3 percent year-over-year. Revenue per unit was up 9.1 percent.

Hilton revenue per available room (Q2) moved higher by 2.7 percent year-over-year.

Quick Commentary

The last major data releases before today’s Fed decision were generally dovish, as confidence in the labor market continues to slide and home prices remain stagnant. Policymakers could justify a rate hike with the above-target inflation rate, the ongoing boom in AI investments, and the robust pace of high household income consumer spending, but the backdrop remains mixed enough to limit the upside in fed funds should a renewed tightening cycle get underway this year.

Today’s Highlights

FOMC meeting

Mortgage applications

Daily Trivia

What city’s tech industry bills itself as “Silicon Peach”, a play on the “Silicon Beach” moniker adopted by Los Angeles and Miami?

(Tuesday’s Question: What company popularized the use of brain teaser interview questions such as “How would you move Mount Fuji?”, a practice influenced by the CEO’s well-known love of puzzles? Answer: Microsoft)