Daily Rundown
October 14, 2026
Chart of the Day
Number of the Day
1.6 million
The number of existing homes available for sale in September, the most since late 2019
Quote of the Day
“We’re tightening up a little bit on credit. I think some of the credit terms have gotten a little bit loose. We just don’t feel like we have to chase that kind of stuff anymore.”
JPMorgan CEO Jamie Dimon
Tuesday’s Highlight
The small business optimism index (October) slipped to 97.9 from a prior 98.7.
Existing home sales (September) rose by 1.5 percent, the first increase in four months.
JPMorgan revenue (Q3) moved higher by 8.0 percent year-over-year.
Quick Commentary
Dimon’s comments yesterday are among the first hints of the potential impact of higher rates on credit availability. Lending standards have generally tightened during Federal Reserve rate hike cycles historically, and are a safe bet to turn more cautious again should policymakers maintain a hawkish posture in the months ahead. It is also worth noting that the recent lift in rates has come against the backdrop of a long-lived credit cycle that has pushed spreads to extreme lows. This is a reflection of solid fundamentals for the most part -JPM’s charge-off and delinquency numbers remain quite low, for example- but it is also an indication that the upside is likely limited from here and that the downside once the cycle turns could be substantial.
Today’s Highlight
CPI
Beige Book
Mortgage applications
Daily Trivia
What CNBC personality admitted to feeding the network false narratives in order to suppress stock prices in his pre-TV career as a hedge fund manager?
(Tuesday’s Question: Marked by major geopolitical uncertainty and spiking oil prices, what was the last year in which the U.S. economy fell into a recession that, based on daily closing prices, wasn’t accompanied by an S&P 500 bear market? Answer: 1990)