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US inflation vs policy
CPI YoY: +0.17 over three months, to 3.71.
Real policy rate = Fed upper bound minus core inflation.
Source: FRED CPIAUCSL; FRED CPILFESL; FRED DFEDTARU · As of 28 Sep 2026 · Updated 2026-09-30 09:08 UTC
Recreated interpretationSource: FRED CPIAUCSL; FRED CPILFESL · As of 1 Aug 2026 · Updated 2026-09-30 09:08 UTC · Inspired by@KobeissiLetter, 2026-09-27
“For more than five years, inflation has been running above target. The plain fact is that inflation is too high and has been for too long.”
CPI YoY: −0.56 over three months, to 3.71.
Recreated interpretationSource: FRED CPIAUCSL; FRED CPILFESL · As of 1 Aug 2026 · Updated 2026-09-30 09:08 UTC · Inspired byCharlie Bilello · Week in Charts, 2026-09-21
This is right in line with the Fed’s updated economic projections , which imply one more rate hike as well. Importantly, they increased thei…
Unemployment rate: 0.00 over three months, to 4.10.
Recreated interpretationSource: FRED UNRATE; FRED ICSA; FRED CPIAUCSL · As of 19 Sep 2026 · Updated 2026-09-30 09:08 UTC · Inspired byCharlie Bilello · Week in Charts, 2026-09-21
Absent spending cuts or new revenues, we’d have to borrow it – adding another $1.2 trillion to the national debt.
Recreated interpretationSource: FRED GFDEGDQ188S; Treasury Fiscal Data: debt to the penny · As of 24 Sep 2026 · Updated 2026-09-30 09:08 UTC · Inspired byCharlie Bilello · Week in Charts, 2026-09-21
Two line charts tracking inflation forecasts, 2020 - 2028; top chart depicts four-quarter annualized percentage change in core PCE inflation…
CPI YoY: −0.56 over three months, to 3.71.
Recreated interpretationSource: FRED CPIAUCSL; FRED CPILFESL; FRED PCEPILFE · As of 1 Aug 2026 · Updated 2026-09-30 09:08 UTC · Inspired byNY Fed Liberty Street, 2026-09-18
Guide to the Markets p.18: Contributors to real GDP growth
GDPNow (Atlanta Fed): +3.48 over three months, to 5.02.
Recreated interpretationSource: FRED GDPNOW; FRED A191RL1Q225SBEA · As of 1 Jul 2026 · Updated 2026-09-30 09:08 UTC · Inspired byJ.P. Morgan AM, 2026-07-02
Guide to the Markets p.21: Growth in working-age population Drivers of GDP growth
GDPNow (Atlanta Fed): +3.48 over three months, to 5.02.
Recreated interpretationSource: FRED GDPNOW; FRED A191RL1Q225SBEA · As of 1 Jul 2026 · Updated 2026-09-30 09:08 UTC · Inspired byJ.P. Morgan AM, 2026-07-02