Daily Rundown

November 11, 2026

Chart of the Day

Number of the Day

84.0

The small business uncertainty index in October, down from 90.0 in the prior month and equaling the lowest level in more than two years

Quote of the Day

“It’s another distressing report, borderline disturbing. We’ve been hoping to get progress.”

Chicago Fed President Austan Goolsbee on the October CPI report

Tuesday’s Highlights

The consumer price index (October) rose by 0.4 percent.

The core consumer price index (October) moved higher by 0.3 percent.

The small business optimism index (October) edged down to 97.8 from a prior 97.9.

Quick Commentary

The core CPI has now printed at +0.3 percent for three straight months, the first such streak since late 2024. More importantly, the increases have been led by some of the most cyclical areas of the economy, as housing and recreation prices have both accelerated since the summer. In addition, the “supercore” metric (core services excluding housing) has risen by at least 0.4 in each of the last three months and is now up by 3.5 percent year-over-year. There were some encouraging signs -apparel, used vehicle, and personal services prices were all well behaved- but this was overall a step in the wrong direction. It may not have been quite as ugly as Goolsbee described, but it was enough to cement another rate hike in December barring a significant pullback in asset prices over the next four weeks.

Today’s Highlight

Mortgage applications

Daily Trivia

What term for a self-employed person originated with the knights and soldiers whose weapons were not sworn to any king, lord, or feudal oath?

(Tuesday’s Question: Hong Kong breathalyzers, which began to malfunction when the testee’s birth date was entered, were among the few casualties of what averted calamity? Answer: Y2K)