Daily Rundown
October 26, 2026
Chart of the Day
Number of the Day
1
The median forecast in the October Bloomberg economic survey for the number of Federal Reserve rate hikes by the end of 2027
Quote of the Day
“U.S. consumer spending was up 9.4 percent this quarter, reflecting the continued strength in our premium customer base. Growth continues to run above levels we saw in 2024 and 2025.”
American Express CFO Christophe Le Caillec
Friday’s Highlights
Consumer sentiment (October) ticked lower to 48.0 from a prior 48.1.
American Express network volume (Q3) rose by 8.1 percent year-over-year.
Quick Commentary
If the Federal Reserve leaves short-term interest rates unchanged this week -and employs a cautious approach in this tightening cycle more generally- one of the reasons will be the bifurcation among U.S. households. There is always some split, of course, but the gap between the appropriate monetary policy stance for the typical consumer sentiment survey respondent and that for the typical American Express customer is currently wider than normal.
Today’s Highlight
Dallas Fed manufacturing survey
Daily Trivia
What commodity was endorsed shortly after it arrived in Europe by Pope Clement VIII, who pushed back against Catholic clergymen objecting to it based on its association with Islam and the Ottoman Empire?
(Friday’s Question: Both originally named for their primary tenants and both replacing nearby existing structures, what were the two most expensive buildings completed in the U.S. in 2009? Answer: Cowboys (AT&T) Stadium and Yankee Stadium)