Daily Rundown
- Chief Strategist, Bryan Jordan CFA
- 2 days ago
- 2 min read
September 4, 2026
Chart of the Day
Number of the Day
11.8
The share of services industries reporting higher employment in August, down from 14.3 percent in the prior month and the lowest since August 2025
Quote of the Day
“If there is continued progress toward our 2 percent goal, then I am willing to support holding the policy rate at its current level. But if inflation comes in hot, I would consider a rate hike.”
Federal Reserve Governor Christopher Waller
Thursday’s Highlights
Initial unemployment claims (week of 8/23) inched up by 2,000 to 206,000.
The ISM services index (August) rose to a six-month high 55.1 from a prior 54.1.
Productivity (Q2) was left unrevised at +1.4 percent on the quarter and +2.2 percent YoY.
The trade deficit (July) increased to a 16-month high $88.6 billion from a prior $71.2 billion.
Quick Commentary
Waller’s comments yesterday marked a departure from his more hawkish tone throughout the summer, as he said that the inflation trend is better than the core numbers suggest and noted that he does not want to raise rates in a disinflationary environment. The speech also set up next week’s CPI report as among the most consequential economic releases in recent memory, with Waller stressing that “my decision on the appropriate stance of policy will be heavily influenced by what we learn about August inflation”. While this admittedly makes the outcome of the September 15-16 FOMC meeting a tough call at this point, the broader inflation trend -a slow, uneven deceleration- suggests some very modest tightening before the end of the year even if the committee remains sidelined this month.
Today’s Highlight
Employment
Daily Trivia
What broadcaster filed a trademark in 2007 with plans for a series of Schoolhouse Rock-like financial literacy cartoons, including one featuring a stack of quarters and a jar of sweetener?
(Thursday’s Question: What company’s iconic logo, officially named “the Monogram”, is known by employees as “the meatball” for its compact, circular design? Answer: General Electric)
