Daily Rundown

September 28, 2026

Chart of the Day

Number of the Day

1.6

The percentage increase in core capital goods orders in August, building on an upwardly revised 0.6 percent gain in the prior month (originally estimated at 0.0 percent) and a fifth jump of at least 1.0 percent in the last seven months

Quote of the Day

“We need to make sure that policy is at a restrictive stance to help bring things back down to target.”

Cleveland Fed President Beth Hammack

Friday’s Highlights

Durable goods orders (August) were unchanged, as aircraft bookings moved lower.

Consumer sentiment (September) fell to a four-month low 48.1 from a prior 51.7.

Quick Commentary

It turns out that there wasn’t much of a pause in the breakneck pace of AI investment after all, as the previously reported unchanged reading in core capital goods orders in July was revised up to a solid 0.6 percent increase. More importantly, the growth rate for orders accelerated again last month, suggesting that shipments will remain robust in the months ahead. Capex continues to be the overwhelming driver behind the overall economic expansion and, at least for now, is still showing no sign of letting up. Consumer spending is also growing, albeit at a slower pace, but looks to be on shakier ground given the very low level of sentiment and the ongoing pressure on real wages.

Today’s Highlight

Dallas Fed manufacturing survey

Daily Rundown

What country led the Eastern Bloc in international tourist arrivals during the Cold War, thanks in part to the millions who came each year from just a few miles away?

(Friday’s Question: What CEO was parodied by his company in 2010 with an app that featured an avatar simply repeating the world “developers”? Answer: Steve Ballmer)